Bourse retreats, hit by firmer rand

Top movers Graph of the day

FTSE/JSE Africa Index Series

LOCAL stocks retreated yesterday, out of step with a global equities rally, as the rand strength took its toll on shares in companies that make most of their money in foreign earnings.

Overall, the benchmark JSE Top40 index dropped 0.83 percent to 45 132.06 points, while the broader all share index declined 0.51 percent to 52 218.61 points.

Platinum producers bucked that trend after palladium rose overnight to 14-month highs and platinum rose over 2 percent on a wave of short covering. That lifted 3.71 percent to R469.68 and

3.8 percent to end

Platinum Impala Platinum Anglo American

the session at R67.47.

“That’s a result of some of the big moves in the rand hedges falling on the back of the stronger currency here,” said Afrifocus securities portfolio manager Ferdi Heyneke.

Mediclinic

1.61 percent to

International British American Tobacco

lost R189.40 and fell 1.02 percent to R836.38.

Shares in construction firm jumped more than 13 percent before paring gains to close 5.19 percent up at R4.26, after it said it expected to halve its headline loss per share as it completes loss-making contracts.

Trade volumes on the bourse were average with around 286 million shares changing hands.

Aveng