JSE closes lower as miners rise

The JSE closed flat on Tuesday as Asian markets showed marginal gains early in the day, while those in Europe were mixed. The Dow opened in positive territory and the dollar strengthened to the euro, putting pressure on the rand.

The JSE all share closed flat at 52,181 points, with the blue-chip top 40 also little moved.

The gold and platinum indices both closed 1.42% higher. Banks gained 0.84%, general retailers 0.71% and resources 0.48%. Food and drug retailers shed 0.74%, property 0.49% and industrials 0.17%.

The Dow Jones industrial average had gained 0.42% by the JSE’s close, the FTSE 100 0.76% and Germany’s Dax 0.73%. France’s CAC was down 0.37%.

Analysts say a lot of the good news expected from a Trump administration may already be factored into current elevated market levels.

“Further market performance would depend on Trump’s anticipated growth policies actually coming to fruition,” said Templeton Global Equity portfolio manager Cindy Sweeting.

Diversified miner Glencore added 2.66% to R52.93 and Anglo American 1.02% to R223.90. DRD Gold leapt 8.81% to R8.03, Harmony Gold 4.77% to R37.31 and Sibanye gained 0.53% to R30.39. Impala Platinum rose 3.19% to R53.33.

Mr Price was 1.52% lower at midday but closed 1.61% higher at R157.57.

In property, Redefine lost 1.55% to R10.80, but Growthpoint firmed 0.58% to R26.02.

The rand remained on the back foot as President Jacob Zuma’s state of the nation address looms. There is concern that he could follow up Thursday’s speech with a Cabinet reshuffle. At 6.21pm, the rand was at R13.4172/$ from Monday’s R13.3003/$.

Bonds tracked the weaker rand with the benchmark R186 last bid at 8.80% from 8.81% previously.

Futures, like the JSE, were flat. The near-dated top-40 Alsi index closed at 45,608 points with 25,696 contracts traded from Monday’s 20,053.