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JSE snaps new year rally

Jan 07 2013 18:34
I-Net Bridge
Johannesburg - The JSE ended slightly in the red on Monday for the first time in the new year‚ as investors booked profits following last week’s rally.

At 17:00‚ the All Share [JSE:J203] index was 0.28% softer at 40 162.56 points‚ with the Top 40 - (Tradeable) [JSE:J200] index dipping 0.38% to 35 641.67.

“It is profit taking off thin volumes‚ as many players are still on leave‚” said Rob Towell‚ senior equities trader at Consilium Securities.

For the year to date‚ the all-share index is up 2.32%‚ led by industrials‚ up 2.30%.

“The US debt ceiling is the next dark cloud on the horizon after their fiscal cliff deal‚” said Nicholas Sorour‚ portfolio manager at Sasfin Securities. ”The country is above its debt ceiling and needs to find a solution by the end of February‚ which will set a tone for global equities.”

Leading European shares were weaker in late trade‚ as were US stocks at the opening bell. London’s FTSE 100 was down 0.37% at 16:48 local time‚ while the Dow Jones Industrial Average had lost 0.52% at the same time.

On the JSE‚ Aquarius Platinum (AQP) shed 4% to R9.13 and Harmony Gold Mining (HAR) dropped 3.52% to R68.98‚ due to the continued closure of its Kusasalethu mine following labour unrest.

Coal of Africa (CoAl‚ CZA) was up 14.72% to R2.65 after signing a memorandum of understanding with the Vitol Group. “This MOU not only formalises our strategic relationship with Vitol but also provides CoAL with access to a global marketing network that will greatly assist the development of export markets for our coking and thermal coal products as we bring our Vele and Makhado projects online‚” said John Wallington‚ CEO of CoAL.

Industrial group Barloworld (BAW) was down 2.12% to R87.80 and banking group Absa (ASA) gave up 1.18% to R163.35 but construction firm Aveng (AEG) lifted 3.20% to R31.89‚ while PPC (PPC) dropped 4.85% to R33.17.

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jse  |  markets

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