Fin24

JSE pares losses‚ tracks Dow

2012-10-12 18:57

Johannesburg - The SA share market pared losses in late trade on Friday‚ tracking a positive open on Wall Street‚ which was inspired by a set of upbeat US economic data.

At 17:00‚ the JSE all-share index ended 0.16% lower at 36 440.05 points‚ with the top-40 index slipping 0.24% at 32 276.07.

A preliminary reading of the Thomson Reuters/University of Michigan consumer sentiment index for October registered at 83.1‚ the highest level since September 2007 and well above expectations for a slight decline to 78‚ from 78.3 in September.

"With all things being equal‚ our market is holding quite well above the 36 000 level on the all-share index.

"However‚ it is not an investment friendly environment right now. There is the potential threat of further foreign sales‚ rather than purchases‚ of SA assets‚" said Ian Cruickshanks‚ independent financial markets analyst.

"Labour unions have discovered their strength and are using it to push for salary increases. Both manufacturing and mining data on Thursday were disappointing‚ which would probably lead to earnings downgrades for companies."

Leading European stock benchmarks remained weaker in late trade‚ with London’s FTSE 100 dipping 0.34%‚ while the Dow Jones Industrial Average edged up 0.29%.

Among individual shares on the JSE‚ Northam Platinum [JSE:NHM] lost 4.06% to R29.74 and Aquarius Platinum [JSE:AQP] shed 6.74% to R5.40.

Industrial share Barloworld [JSE:BAW] was off 2.17% to R70.

In banking stocks‚ Abil [JSE:ABL] dropped 2.52% to R30.50.

Retailer Lewis [JSE:LEW] was down 2.29% to R70.35.