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Johannesburg - Financial shares were in the spotlight on Friday morning, as investors continue to seek value in a market which seems to be mostly in a state of stalemate.
Two banking counters, FirstRand [JSE:FSR] and Standard Bank [JSE:SBK], were the busiest shares on Friday morning in terms of volume and among the top ones in terms of value as well.
By midday the Financial 15-index was 0.98% higher and was mainly responsible for the modest improvements of the major indices. The All-share index traded 0.35% higher at 49 563 points, while the Top 40 index only gained 0.3% to 43 898 points.
The technical analysts of Imara SP Reid warned on Friday morning in their daily Market Snapshot that upside potential for the day is only marginal, as the technical charts indicate that residual selling pressure is still playing an important role in determining the overall tone of the market.
Short-term bounces are encountering modest overhead resistance as sellers enter the market at higher levels.
The Top 40 index is currently trading in a narrow band with the important support level of 43 600 still in the background, while the index is trying to improve to above 45 000 to top the 200-day moving day average.
The Industrial index improved by 0.41% to 61 696 but is still below the important resistance level of 62 000 which must be breached in high volume trading before serious upside potential is possible.
For this reason, investors are warned to continue to be circumspect until the selling pressure dissipates.
More than 3.7 million shares in FirstRand were sold on Friday morning and the share price increased by 1.68% to R49.11. The share price is now 11.3% higher for the last month and has gained 45.8% over the last year.
Standard Bank [JSE:SBK] was 1.37% stronger at R140.35 after 1.72 million shares were sold for R241.4m. The share lost 4.1% over the last six months and is now only 15.2% higher for the year.
Coronation Fund Managers [JSE:CML] set a new 52-week high on Friday morning when the share price improved by 1.66% to R111.00. The previous high was set last week. Coronation is now 19.4% higher for the past month and 38.2% for the year.
The resources sector held its own at the beginning of the day but was 0.7% lower by midday. Sasol [JSE:SOL] is still losing ground on the back of the weaker oil price, and lost another 1.04% on Friday morning to R429.00 by midday. This is another 52-week low, beating the previous low set on Wednesday. The share lost 22% of its value over the last month and is now 14% lower for the year.
The rout continued among iron ore producers and Kumba [JSE:KIO] lost another 2.34% to a new 52-week low of R247.55.
Assore [JSE:ASR] was only 1.3% lower on a new year low of R160.86, but the share is now 52.2% lower over the last six months and 55% softer for the year.
Two banking counters, FirstRand [JSE:FSR] and Standard Bank [JSE:SBK], were the busiest shares on Friday morning in terms of volume and among the top ones in terms of value as well.
By midday the Financial 15-index was 0.98% higher and was mainly responsible for the modest improvements of the major indices. The All-share index traded 0.35% higher at 49 563 points, while the Top 40 index only gained 0.3% to 43 898 points.
The technical analysts of Imara SP Reid warned on Friday morning in their daily Market Snapshot that upside potential for the day is only marginal, as the technical charts indicate that residual selling pressure is still playing an important role in determining the overall tone of the market.
Short-term bounces are encountering modest overhead resistance as sellers enter the market at higher levels.
The Top 40 index is currently trading in a narrow band with the important support level of 43 600 still in the background, while the index is trying to improve to above 45 000 to top the 200-day moving day average.
The Industrial index improved by 0.41% to 61 696 but is still below the important resistance level of 62 000 which must be breached in high volume trading before serious upside potential is possible.
For this reason, investors are warned to continue to be circumspect until the selling pressure dissipates.
More than 3.7 million shares in FirstRand were sold on Friday morning and the share price increased by 1.68% to R49.11. The share price is now 11.3% higher for the last month and has gained 45.8% over the last year.
Standard Bank [JSE:SBK] was 1.37% stronger at R140.35 after 1.72 million shares were sold for R241.4m. The share lost 4.1% over the last six months and is now only 15.2% higher for the year.
Coronation Fund Managers [JSE:CML] set a new 52-week high on Friday morning when the share price improved by 1.66% to R111.00. The previous high was set last week. Coronation is now 19.4% higher for the past month and 38.2% for the year.
The resources sector held its own at the beginning of the day but was 0.7% lower by midday. Sasol [JSE:SOL] is still losing ground on the back of the weaker oil price, and lost another 1.04% on Friday morning to R429.00 by midday. This is another 52-week low, beating the previous low set on Wednesday. The share lost 22% of its value over the last month and is now 14% lower for the year.
The rout continued among iron ore producers and Kumba [JSE:KIO] lost another 2.34% to a new 52-week low of R247.55.
Assore [JSE:ASR] was only 1.3% lower on a new year low of R160.86, but the share is now 52.2% lower over the last six months and 55% softer for the year.
