Miners fall as punters take profit

The JSE closed higher on Thursday as retailers rose but mining stocks were lower on profit-taking.

The rand weakened as the dollar made a comeback on renewed optimism about US economic growth. Bonds were little moved, while futures tracked the JSE’s gains.

Property stocks and financials supported the general market, but banks closed weaker.

US markets appeared unaffected by rising tension between President Donald Trump and Mexico after Trump said a wall would be built on the Mexican border.

The Dow was 0.13% firmer at the JSE’s close. The FTSE 100 was up 0.17% and the German DAX gained 0.38%. The Paris CAC 40 fell 0.23%.

The JSE all share closed 0.29% higher at 53,405.70 and the top 40 added 0.28%. General retailers rose 1.25%, industrials 0.85%, property 0.46% and financials 0.39%. Golds shed 1.16%, resources 1.06% and platinums 0.92%. Banks gave up 0.52%.

Retailer Lewis recovered 4.47% to R39.70. It said on Wednesday that revenue for its third quarter fell 7.5%.

Rand hedge British American Tobacco rose 1.79% to R824.94, while Richemont shed 0.37% to R103.75.

Lonmin plummeted 22.56% to R23.31. Platinum sales for its first quarter were 10.3% lower than a year ago.

Sasol ended the day 3.02% weaker at R409.26 after saying that it expected first-half headline earnings per share to fall as much as 44%, mainly on the firmer rand.

AngloGold Ashanti fell 1.77% to R160 and Harmony 1.60% to R31.44.

Kumba Iron Ore jumped 4.16% to R199.72. On Wednesday, the group said it expected a 20% rise in profit.

Nedbank was 1.48% lower at R235.76 and Barclays Africa 0.81% down at R163.73.

At 6.49pm, the rand was R13.3683 to the dollar from R13.2357; it firmed to R13.1968 in intraday trade.

The benchmark R186 bond was bid at 8.77%, from 8.745%.

The local near-dated top 40 Alsi futures index ended 0.10% higher at 46,806 points, with 21,919 contracts traded from 33,224 on Wednesday.