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JSE moves sideways

Johannesburg - The JSE moved mostly sideways on Friday as investors contemplated profit taking after the market's strong run over the past seven trading days.

By mid-afternoon trade the All-share index was down 0.11% to 52 790 points, after opening above the level of 53 000 or about 0.5% higher. The intraday graph, however, moved downwards for the rest of the morning.

It seems the market is seeking direction after the strong run of the past few days, when a possible solution to the crisis in Greece was discounted, with the Top 40-index gaining almost 3 000 points.

The Top 40-index moved mostly sideways on Friday morning and was 0.2% lower by mid-afternoon on 47 135 points. The industrial index was at that stage only 0.12% higher and the financial index down 0.05%, while the resources index lost 1.71% due to the stronger dollar.

The direction of the market on Friday afternoon will probably depend on what happens on Wall St later in the day. The European indices also opened higher on Friday morning, but were only moderately higher by midday.

The technical analysts of Imara SP Reid said in their daily market snapshot that the Top 40-index has now established a modest foothold ahead of the 65-day moving average. Although some marginal profit taking is likely on Friday, the overall tone suggests that general support at around this level should hold.

The news on the international front is positive after eurozone chiefs agreed to a bridging loan for Greece and the European Central Bank (ECB) boosted emergency aid for that nation.

The ECB on Thursday increased its lifeline to Greece, meaning the country's banks can open on Monday for the first time in three weeks, while its head, Mario Draghi, threw his weight behind International Monetary Fund's (IMF) calls for debt relief for Athens.

The European Commission, the EU's executive arm, also agreed in theory to grant Greece a three-month €7bn bridging loan to keep its economy afloat until its new bailout has been ratified.

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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.90
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.1%
Platinum
908.75
+1.3%
Palladium
1,014.28
+1.3%
Gold
2,221.04
+1.2%
Silver
24.86
+0.9%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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