JSE drops as market consolidates

THE JSE closed lower in subdued trade yesterday‚ with industrial stocks and retailers paring gains made last week.

Market sentiment was subdued following a surge by the bourse last week‚ which yielded the JSE’s best one-week performance in more than two years.

US and Chinese markets were closed and reduced liquidity‚ with volumes on the JSE at R12.8-billion‚ compared with the usual daily average of R20-billion.

Industrials and gold miners fared worst‚ the former weighed down by Naspers – which fell despite a solid performance by Hong Kong associate Tencent on Friday. Naspers dropped 2.52% to R3 300. A firmer rand put banks and retailers under pressure.

The JSE all-share lost 0.71% to 58 701.4 points and the blue-chip Top 40 0.75%.

Industrials lost 1.24%‚ gold miners 0.87% and food and drug retailers 0.5%. Platinum stocks added 1.61%.

Diversified miner BHP was off 1.07% to R256.25‚ ahead of the release of its interim results to end-December today.

Kumba Iron Ore lost 2.22% to R324.78 and Exxaro 2.01% to R146.99.

Super Group slumped 7.89% to R42.36‚ despite earlier reporting that headline earnings per share had grown 8% to R1.55 in the six months to end-December.

Anglo American Platinum gained 2.69% to R353.53‚ with a declared dividend.

SPAR fell 3.16% to R210.92 and Shoprite 2.57% to R247.09. – BusinessLIVE