JSE closes lower on slow trading

The JSE ended marginally lower on Friday in global risk-off trade while the rand steadily weakened as the day progressed after making good gains late on Thursday.

The JSE saw further gains in the gold index with platinums also picking up. Property was a little higher while banks fared worst of the major indices.

Trade has been exceptionally dull as most market participants are on leave. Turnover on the JSE on Friday amounted to just R5bn.

Dow Jones Newswires reported that global stocks were mostly down on the day, “a further indication that risk appetite has faltered going into 2017”. It said after the strong rally that followed the election of Donald Trump investors had appeared “less eager to take on risk in the past two weeks”.

The JSE all share ended the day down a fractional 0.06% to 50,653.5 points, with the index ending 2016 down 0.08%.

Gold shares added 3.21% bringing their gains for the week to 12.31%, while those for the year stand at 28.85%. Platinums were up 1.03% on Friday, with the index having added more than 50% in 2016.

Banks closed 0.71% lower but ended the year up 26.97%, while property was up 0.6% and finished the year on a modest rise of 3.84%.

Among individual shares in the gold sector, Harmony gained 4.51% to R31.53, AngloGold Ashanti 3.44% to R152.58, Sibanye 2.97% to R25.39 and Gold Fields 2.81% to R43.59.40.

Diversified miner Glencore was 0.84% higher at R46.68, while Exxaro improved 1.76% to R89.50 and ArcelorMittal SA 2.31% to R11.50.

The rand was weaker against most currencies in the afternoon, despite dollar weakness against other global majors, as traders squared off positions ahead of the new year long weekend. At the same time, bonds were flat.

Futures were weaker on the global risk scenario with the local near-dated top-40 Alsi futures index closing 0.57% lower at 44,306 points. /