JSE starts week negative on adverse European and SA news

THE JSE started the week on a negative note and closed lower as European markets turned negative yesterday and adverse news in South Africa weighed on the market.

European markets were weaker after reaching their highest levels in seven years last week.

The JSE came back somewhat from a nearly 1% fall when the Dow Jones opened positive. It was up 0.48% at the JSE’s close at 5pm.

Kagiso purchasing managers index data released yesterday paint- ed a grim picture of the South African manufacturing sector‚ with last month’s index at the lowest in four years. Total new vehicle sales registered only modest growth of 1.1%.

At 5pm, the JSE all-share was down 0.73% to 52 952.91 points, and the blue-chip top 40 index 0.82%.

Resources led the losses‚ falling 1.9%‚ with platinum shares losing 1.38%. Banks gave up 0.62%.

After rising 1.17%, the gold index ended off 0.57%. Resources were down across the board, with Sasol closing 2.29% lower at R414.

The bigger banks and general retailers were also victims of the negative sentiment.

Capitec‚ however‚ remained the exception, gaining 2.38% to R419.77. But Nedbank closed 1.77% lower at R251.30 on profit-taking, and Barclays Africa 1.16% down at R190.50.

BHP Billiton relinquished 1.99% to R286.97 and Anglo American slipped 1.93% to R215.60.

Among gold shares, Sibanye was down 1.69% to R30.29.

Bidvest closed 2.39% lower at R314 and fellow industrial conglomerate Remgro lost 2.86% to R269.09.

Woolworths lost 1.29% to R88.75 and Truworths 1.89% to R87.20.

Telkom was up 3.52% .