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JSE consolidates in line with world markets

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The new JSE logo. (Supplied)
The new JSE logo. (Supplied)

Johannesburg - The consolidation on the JSE continued on Friday morning, with the All-share index currently trading in a narrow band.
 
After closing marginally higher on Thursday evening after two days of marginal losses, the major indices were lower on Friday morning but again differences were slight.
 
By midday on Friday the All-share index was only 0.30% lower at 53 170 points and the Top 40-index traded only 0.36% weaker at 46 492. It is important to note that the All-share index remains above 53 000 and is still not far off from the records set last week.
 
The intraday graph of Friday morning’s trade also showed a turnaround just before midday, which could be positive for the rest of the day’s trading.
 
The consolidation on the JSE is also in line with world markets which are moving mostly sideways after recent records.
 
The JSE is currently in the middle of the results season, which so far has been a mixed bag. Some share prices reacted negatively to disappointing results and others have responded positively to good news, even if the good news is that the results are not as bad as expected.
 
Investors are clearly worried about valuations and are seeking opportunities where shares offer value.
 
All the major indices were slight lower on Friday morning with the exception of the Gold index, which crept 0.31% higher on the back of a firmer gold price that traded above $1 200 per ounce on Friday morning.
 
The Financial index was the biggest loser on Friday morning and slipped 0.84% as the market is still digesting the budget speech earlier this week, and the influence it will have on the economy. FirstRand [JSE:FSR], the highflyer in this sector, lost 2.24% to R52.84 and Barclays Africa [JSE:BGA] traded 1.16% weaker at R192.45.
 
Nedbank [JSE:NED], which announced earnings growth of 14% earlier this week, was virtually unchanged and traded only 0.08% down at R256.84.
 
MMI [JSE:MMI], which dropped sharply from its record levels on Thursday after a warning that the financial markets will have a negative impact on its earnings, lost another 0.70% to R32.46. Discovery [JSE:DSY] was 1.49% higher at R121.18.
 
Much interest was generated this week in the retail sector as analysts fear that higher taxes announced in the budget will have a negative impact on consumers. These shares were higher on Friday morning after earlier losses.
 
Massmart [JSE:MSM], which dropped by 4% on Thursday before recovering later in the day on the news that its earnings were 10% lower, gained 1.34% to trade at R165.19. Shoprite [JSE:SHP], which announced solid results this week, gained 0.79% to R165.00.
 
BHP Billiton’s [JSE:BIL] strong run the last few days on the back of better-than-expected results came to an end on Friday morning and the share dropped 0.67% to R287.09. Anglo American [JSE:AGL] was 0.92% weaker at R219.00.

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Rand - Dollar
18.89
+0.2%
Rand - Pound
23.82
+0.4%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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