Publications
Partners
Johannesburg - The JSE opened sharply lower on Wednesday morning with all major indices down, but recovered some of its losses as emerging market jitters seem to be disappearing somewhat.
At midday the All-share index was only 44.34 points or 0.10% lower at 44 407, while the Top 40 index traded 50,63 points or 0.13% weaker at 39 895.
Two of the indices which have been under pressure lately, the gold index and the industrial index, recovered from their opening losses and were higher at midday. The gold index gained 0.61% and the industrial index was up 0.13%.
The partial recovery was in line with the Asian markets which were mostly higher on Wednesday, with a Wall Street rally giving Tokyo and Hong Kong impetus to claw back some of the losses they suffered in the previous session.
The rand was also more stable against the dollar early on Wednesday morning as global risk sentiment improved slightly.
Analysts say the lack of negative emerging market news is giving developing markets some breathing space, while investors wait for clues later this week about US employment numbers and further tapering from the Federal Reserve.
Imara SP Reid said in its morning watch the All-share index is at its most oversold short- term position for weeks.
The technical picture therefore argues for a modest trading rebound, but as yet there is insufficient evidence to indicate that a decisive bottom has been reached.
The industrial index showed the greatest improvement on Wednesday morning, after shedding 1.33% or more than 600 points on Tuesday. Despite the losses, trading volumes were relatively high, which according to Imara SP Reid indicated some bargain-hunting.
The retailing sector is exceptionally oversold and might offer a short-term trading opportunity. Among the top retail stocks, Shoprite improved with 1.3% to R144.65, while Pick n Pay gained 1.73% to R20.55.
The picture in the banking sector was mixed. Standard Bank was 0.47% stronger on R114.71, but Barclays Africa lost 0.89% to R141.68.
Pulp and paper producer Sappi was 1.65% down at R34.49. On Wednesday morning it reported basic earnings per share of three US cents for the quarter ended December 2013 compared with 2c in the December 2012 quarter‚ but a sharp turnaround from the loss of 29c it reported in the September 2013 quarter.
Vodacom Group was 0.54% up at R120.40 after announcing in its December quarterly update that its revenue was up 10.5% to R20.219bn‚ with South Africa accounting for the bulk of the revenue.
- Fin24
At midday the All-share index was only 44.34 points or 0.10% lower at 44 407, while the Top 40 index traded 50,63 points or 0.13% weaker at 39 895.
Two of the indices which have been under pressure lately, the gold index and the industrial index, recovered from their opening losses and were higher at midday. The gold index gained 0.61% and the industrial index was up 0.13%.
The partial recovery was in line with the Asian markets which were mostly higher on Wednesday, with a Wall Street rally giving Tokyo and Hong Kong impetus to claw back some of the losses they suffered in the previous session.
The rand was also more stable against the dollar early on Wednesday morning as global risk sentiment improved slightly.
Analysts say the lack of negative emerging market news is giving developing markets some breathing space, while investors wait for clues later this week about US employment numbers and further tapering from the Federal Reserve.
Imara SP Reid said in its morning watch the All-share index is at its most oversold short- term position for weeks.
The technical picture therefore argues for a modest trading rebound, but as yet there is insufficient evidence to indicate that a decisive bottom has been reached.
The industrial index showed the greatest improvement on Wednesday morning, after shedding 1.33% or more than 600 points on Tuesday. Despite the losses, trading volumes were relatively high, which according to Imara SP Reid indicated some bargain-hunting.
The retailing sector is exceptionally oversold and might offer a short-term trading opportunity. Among the top retail stocks, Shoprite improved with 1.3% to R144.65, while Pick n Pay gained 1.73% to R20.55.
The picture in the banking sector was mixed. Standard Bank was 0.47% stronger on R114.71, but Barclays Africa lost 0.89% to R141.68.
Pulp and paper producer Sappi was 1.65% down at R34.49. On Wednesday morning it reported basic earnings per share of three US cents for the quarter ended December 2013 compared with 2c in the December 2012 quarter‚ but a sharp turnaround from the loss of 29c it reported in the September 2013 quarter.
Vodacom Group was 0.54% up at R120.40 after announcing in its December quarterly update that its revenue was up 10.5% to R20.219bn‚ with South Africa accounting for the bulk of the revenue.
- Fin24
