All-share starts week on a low

THE JSE started the week on a negative note‚ posting broad-based losses as local and international events gave investors few reasons to be bullish.

The JSE opened late yesterday after a technical glitch‚ with volumes failing to pick up significantly during the course of the day’s trade. Turnover amounted to about R12-billion‚ compared to the daily average of R24-billion.

Risk-off activity due to trade tension was the theme on most international markets‚ with local stocks also contending with continuing uncertainty regarding load-shedding.

Miners generally failed to react positively to the latest iteration of the Mining Charter‚ released on Friday.

The document reaffirmed the principle that previous empowerment deals would be recognised‚ although some concerns remained.

Gold miners were firmer yesterday‚ however‚ as investors sought safe-haven assets.

Rand hedges were among the poorest performers on the day‚ despite a weaker rand.

Pressure on banks continued‚ bringing the cumulative losses since Friday to 7%.

The JSE all-share fell 0.73% to 57 236.8 points and the Top 40 lost 0.63%. Banks gave up 2.87%‚ general retailers 2.84% and financials 2%. Gold miners gained 1.55%. British American Tobacco dropped 1.32% to R659. Standard Bank slumped 3.52% to R190.17.

Invicta Holdings plummeted 8.36% to R36.70 after warning on Friday that annual headline earnings were set to drop 81%‚ due to a costly tax liability on past transactions.