Johannesburg - The JSE, which closed on a record on Thursday night, was again on new record levels on Friday morning, but by midday it seemed the recent run had lost some of its impetus.
The All-share index started the day strongly and was at the 49 050 point at one stage, close to Thursday’s intraday high, but by midday the index had given up some of these gains and was 0.18% higher than Thursday’s record at 49 022. The Top 40 index also gained 0.18% to trade at 43 981.
The market is closed on Monday and with only three trading days next week, investors are cautious.
It has been the pattern the past few days that investors push prices higher in the morning, which then move sideways as profit-taking takes place.
This was also the case on Friday morning as resources shares, which helped the JSE to close on a record high the previous night, were the big loser.
Thursday’s run was sparked by good production figures from the Anglo American group of companies, which pushed Anglo American and Kumba Iron Ore sharply higher, but on Friday morning both shares were down.
Anglo American lost 0.97% to R275.30. Although Kumba was only 0.04% lower than Thursday at R38.29, trade in the share was marked by volatility and the price fluctuated between R380 and R385. The resources index lost 0.33% on Friday morning.
Resources shares lost ground despite the fact that the rand was still under pressure on Friday morning, which is supposed to be good for commodity exporters.
The rand traded at R10.64 to the dollar as foreign investors, on edge over the situation in Eastern Europe, avoided emerging markets. The uncertainty cast a shadow over stock markets and the important European bourses were also lower on Friday morning.
Russia on Thursday ordered new military exercises on the Ukraine border, and warned of "consequences" after Kiev launched a deadly assault against pro-Kremlin rebels occupying a flashpoint town.
A few heavyweights reached new highs on Friday morning, including Remgo which was 1.92% higher at R212.51. This beat the previous high of R210.71 reached on January 2 this year.
PSG, another investment company which recently announced good results, is also in record territory. The share price gained 0.9% to trade at R101.91 compared to Thursday’s record close of R101.00.
Among the banks RMB Holdings is having a good run. By midday the share traded at a new high of R51.35 - 1.86% higher than Thursday. The previous high was on April 22 at R50.86.
The financial sector was Friday morning's star performer, improving with 0.81%.
The All-share index started the day strongly and was at the 49 050 point at one stage, close to Thursday’s intraday high, but by midday the index had given up some of these gains and was 0.18% higher than Thursday’s record at 49 022. The Top 40 index also gained 0.18% to trade at 43 981.
The market is closed on Monday and with only three trading days next week, investors are cautious.
It has been the pattern the past few days that investors push prices higher in the morning, which then move sideways as profit-taking takes place.
This was also the case on Friday morning as resources shares, which helped the JSE to close on a record high the previous night, were the big loser.
Thursday’s run was sparked by good production figures from the Anglo American group of companies, which pushed Anglo American and Kumba Iron Ore sharply higher, but on Friday morning both shares were down.
Anglo American lost 0.97% to R275.30. Although Kumba was only 0.04% lower than Thursday at R38.29, trade in the share was marked by volatility and the price fluctuated between R380 and R385. The resources index lost 0.33% on Friday morning.
Resources shares lost ground despite the fact that the rand was still under pressure on Friday morning, which is supposed to be good for commodity exporters.
The rand traded at R10.64 to the dollar as foreign investors, on edge over the situation in Eastern Europe, avoided emerging markets. The uncertainty cast a shadow over stock markets and the important European bourses were also lower on Friday morning.
Russia on Thursday ordered new military exercises on the Ukraine border, and warned of "consequences" after Kiev launched a deadly assault against pro-Kremlin rebels occupying a flashpoint town.
A few heavyweights reached new highs on Friday morning, including Remgo which was 1.92% higher at R212.51. This beat the previous high of R210.71 reached on January 2 this year.
PSG, another investment company which recently announced good results, is also in record territory. The share price gained 0.9% to trade at R101.91 compared to Thursday’s record close of R101.00.
Among the banks RMB Holdings is having a good run. By midday the share traded at a new high of R51.35 - 1.86% higher than Thursday. The previous high was on April 22 at R50.86.
The financial sector was Friday morning's star performer, improving with 0.81%.