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Johannesburg- The JSE was flat at midday on Friday as losses in mining started to eat away at the morning’s earlier gains.
“We’ve entered a period of volatility there’s no doubt about that‚” said Ryan Wibberley‚ an equity dealer at Investec Asset Management
“I suspect that yesterday afternoon we saw very aggressive futures-led selling that had a foreign feel to it and there seems to be a call to sell both the South African as well as other emerging markets at the moment.”
At 11:45‚ the JSE All Share [JSE:J203] index was flat (-0.02%) at 40 848.35 points. The gold index gave up 1.27% and platinums were down 0.70%. Financials and industrials were flat.
In international markets the Nikkei came back slightly from the previous day’s losses to close 0.89% stronger‚ and just before noon local time the Paris CAC 40 was up 0.16% and the UK’s FTSE 100 was down 0.46%.
“All the precious metals are drifting a bit and I think the commodities are reacting to those Chinese figures and concerns about demand‚” said Wibberley.
Amongst gold miners‚ Gold Fields (GFI) was 2.62% weaker at R55.10 and Anglogold Ashanti (ANG) gave away 1.22% to R157.05. Sibanye (SGL) bucked the trend gaining 4.14% to R7.30.
Among platinums‚ Lonmin (LON) was the biggest loser‚ down 1.55% to R38.07 and Aquarius (AQP) gave up 1.18% to R5.87‚ while Northam (NHM) added 1.23% to R32.80.
“Volatility is going to be the name of the game for the next few sessions‚ but if we can enter a period of consolidation I don’t think that would be unhealthy for the market‚” Wibberley said.
Aveng (AEG) gained 3.85% to R29.24‚ and Richemont (CFR) was up 1.28% to R87.60.
