JSE falls in line with emerging markets

STOCKS ended lower yesterday, in line with other emerging markets on nervousness about the timing and scope of a US interest rate and faltering commodity prices.

The benchmark JSE Top40 index ended 0.69 percent lower at 46 930.67 points and the broader all share index lost 0.59 percent to 52 464 59 points.

But Old Mutual helped restrict the decline in the broader index after the Anglo-South African insurer beat forecasts with a 20 percent rise in first-half profit.

Shore Capital analyst Eamonn Flanagan said Old Mutual’s results were better than the market had ex- pected, but it was not enough to flag a “buy” call to clients.

“We await evidence of any success the group has in developing its holistic wealth platform in the UK before turning more bullish on the stock,” he wrote in a statement.

Nonetheless, the stock of Old Mutual jumped 3.85 percent to R45.33, thanks in part to a better-than-expected dividend payout.

Bourse heavyweights Anglo American and BHP Billiton took the most points off the benchmark index, falling 1.46 percent to R153.56 and 2.71 percent to R232.68, respectively.

Trading activity on the exchange was robust with 227 million shares changing hands.