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Industrial stocks weigh on JSE

Jan 21 2013 13:45
I-Net Bridge
Johannesburg – The JSE remained softer on Monday at noon‚ with industrial shares pulling the all-share index lower after the poorly received trading statement from luxury group‚ Richemont (CFR).

At 12:33‚ the All Share [JSE:J203] index was 0.74% lower at 39 870.37 points‚ with the Top 40 - (Tradeable) [JSE:J200] index shedding 0.81% to 35 433.17‚ while industrials gave up 1.16%.

“The Richemont trading update has disappointed investors who were expecting sales to reflect a stronger picture. What is also weighing on this is the fact that the performance of Asia - on which many investors pinned hopes for higher growth - disappointed‚ and their outlook for their Asia-Pacific business is unclear‚” said Mohammed Nalla‚ head of strategic research at Nedbank Capital.

RMB analysts said in a note today’s trade may be limited by the US holiday but the week will be a busy one. The key event comes on Tuesday when the Bank of Japan announces changes to its policy. It is widely expected to up monetary printing and to raise the inflation target to 2% from 1% as it gives in to pressure from the government.

Leading European share markets were mixed at noon‚ with London’s FTSE 100 notching up 0.14%.

On the JSE‚ Northam Platinum (NHM) was down 2.97% to R35.90 but Lonmin (LON) lifted 1.46% to R48.04.

Among industrial stocks‚ Richemont (CFR) tumbled 6.51% to R70.50 after the Swiss-based blue-chip company reported a slowdown in sales momentum in its third quarter to December. Bidvest (BVT) dropped 1.53% to R214.66 and Vodacom (VOD) shed 2.10% to R124.33.

Short term insurer Santam (SNT) was down 2.30% to R181.63 and construction share Murray & Roberts (MUR) gave up 2.08% to R23.99. 

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