Publications
Partners
Local stocks struggled to recover from Thursday’s global sell-off that left all major markets bruised by prospects of less stimulus being injected into the US economy.
The world’s keys stock exchanges were still trying to digest Federal Reserve Bank chairperson Ben Bernanke’s indication that the US’s $85bn-a-month bond-buying programme may come to an end as soon as next year if the US economy showed sustained signs of improvement.
At 12:03, the All Share [JSE:J203] index had edged up 0.41% to 39 669.01 with the blue chip Top 40 - (Tradeable) [JSE:J200] index up 0.54%. The gold index gave up 2.06%‚ while industrials fared best‚ up 0.64%.
“Its a very slow day. We looked optimistic in the morning as Dow futures were positive but we lost that momentum at around 9:30‚ although the market recovered a little towards lunchtime‚” said a local trader.
Retail shares were mostly lower due to their vulnerability to the weaker rand‚ with the currency reaching an intraday weakest level of 10.26/$.
“Retailers got hurt yesterday due to the weaker rand and with only a little strengthening in the currency today‚ the sector has remained under pressure‚” he said.
In Europe‚ markets were stronger‚ with UK’s FTSE 100 up 0.81% at 12:43.
Among individual shares on the JSE‚ Lonmin (LON) climbed 2.98% to R43.89 while Anglo Gold Ashanti (ANG) lost 1.31% to R147.28 and Gold Fields (GFI) was 3.61% lower at R53.35.
Exxaro (EXX) added 4.69% to R43.43 and Kumba Iron Ore (KIO) gained 2.69% to R457.50.
Rand hedge counters were mostly firmer with British American Tobacco (BTI) up 1.02% to 536.32‚ SABMiller (SAB) increasing 2.67% to R506.28 and Richemont (CFR) gaining 1.54% to R89.73.
JD Group (JDG) led the retail pack lower plunging 6.09% to R30.52‚ Lewis (LEW) shed 3.45% to R60.44 and Pick n Pay (PIK) gave up 1.14% to R38.05.
