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Johannesburg - Hopes that Monday's record run on the JSE would carry on on Tuesday did not last long.
As often the case lately the intra-day graph of the All-share index shot up almost vertically to almost 49 400 points in early trade on Tuesday, but since then the graph is moving downwards gradually to a point where the major indices were just lower than Monday’s record levels.
By midday, the All-share index was 0.04% lower on 49 220 points, while the Top 40-index traded 0.07% softer on 44 105 points.
On Monday the Top-40 index closed 0.9% up at 44 135.65 points after setting an intra-day record of 44 223.99 points. The All-share index gained 0.79% to 49 239.29 points, pulling back from a record 49 327.96 points set during the session.
Tuesday's early run was mainly due to a strong performance from the heavyweights in the resources sector, which are in flavour again after a correction last week. At one stage the resources index was more than 1% stronger, but by midday it was only 0.65% higher.
The Industrial index was 0.57% down as Naspers [NPN], whose strong run yesterday on the back of a worldwide buying spree in technology stocks, also took a breather this morning. Naspers was mainly responsible for yesterday’s higher close.
The local share closed more than 4% higher after a strong rise of more than 5% in the share price of Tencent, the Chinese internet giant of which Naspers owns 34%. Technology shares also rose sharply on the Nasdaq in New York as investors seem to think that the worldwide selloff in tech stocks over valuation worries might have been overdone a bit.
This morning Naspers was 1.29% lower on R1 071.95. The marker is awaiting Tencent’s quarterly results tomorrow.
In the resources sector the three conglomerates, Anglo American [JSE:AGL], BHP Billiton [JSE:BIL] and Glencore [JSE:GLN] all started higher.
By midday, Anglo American, which currently trades at a 52-week high, was only 0.17% higher on R287.20 after reaching a high of R294.44 in earlier trade.
BHP Billiton also opened stronger and lost some momentum later on. By midday, the share price was only 0.92% higher on R343.52 but at one stage the share price was more than R20 higher on R364.98. Glencore Xstrata improved with 2.24% to R59.30.
There was also attention on the platinum sector, where the fortunes of platinum shares are often miles apart from the gloomy picture of what is really happening in the sector.
Lonmin [JSE:LON] was the hardest hit and the share price lost 3.36% of its value to R46.00 by midday after the news that the company is reconsidering its plans to re-open its mines on Wednesday, after several of its workers who were returning to work were killed by striking mine workers.
Amplats [JSE:AMS] share price lost 0.92% to R482.02. Implats [JSE:IMP] recovered after reaching a low of R117 and was trading 0.03% higher on R119.04.
The financial index started lower but was by midday 0.37% higher than yesterday. African Bank [JSE:ABL], which yesterday plunged another 8.53%, stabilised this morning. The share price was only 0.07% lower on R58.20 - its weakest level in ten years.
As often the case lately the intra-day graph of the All-share index shot up almost vertically to almost 49 400 points in early trade on Tuesday, but since then the graph is moving downwards gradually to a point where the major indices were just lower than Monday’s record levels.
By midday, the All-share index was 0.04% lower on 49 220 points, while the Top 40-index traded 0.07% softer on 44 105 points.
On Monday the Top-40 index closed 0.9% up at 44 135.65 points after setting an intra-day record of 44 223.99 points. The All-share index gained 0.79% to 49 239.29 points, pulling back from a record 49 327.96 points set during the session.
Tuesday's early run was mainly due to a strong performance from the heavyweights in the resources sector, which are in flavour again after a correction last week. At one stage the resources index was more than 1% stronger, but by midday it was only 0.65% higher.
The Industrial index was 0.57% down as Naspers [NPN], whose strong run yesterday on the back of a worldwide buying spree in technology stocks, also took a breather this morning. Naspers was mainly responsible for yesterday’s higher close.
The local share closed more than 4% higher after a strong rise of more than 5% in the share price of Tencent, the Chinese internet giant of which Naspers owns 34%. Technology shares also rose sharply on the Nasdaq in New York as investors seem to think that the worldwide selloff in tech stocks over valuation worries might have been overdone a bit.
This morning Naspers was 1.29% lower on R1 071.95. The marker is awaiting Tencent’s quarterly results tomorrow.
In the resources sector the three conglomerates, Anglo American [JSE:AGL], BHP Billiton [JSE:BIL] and Glencore [JSE:GLN] all started higher.
By midday, Anglo American, which currently trades at a 52-week high, was only 0.17% higher on R287.20 after reaching a high of R294.44 in earlier trade.
BHP Billiton also opened stronger and lost some momentum later on. By midday, the share price was only 0.92% higher on R343.52 but at one stage the share price was more than R20 higher on R364.98. Glencore Xstrata improved with 2.24% to R59.30.
There was also attention on the platinum sector, where the fortunes of platinum shares are often miles apart from the gloomy picture of what is really happening in the sector.
Lonmin [JSE:LON] was the hardest hit and the share price lost 3.36% of its value to R46.00 by midday after the news that the company is reconsidering its plans to re-open its mines on Wednesday, after several of its workers who were returning to work were killed by striking mine workers.
Amplats [JSE:AMS] share price lost 0.92% to R482.02. Implats [JSE:IMP] recovered after reaching a low of R117 and was trading 0.03% higher on R119.04.
The financial index started lower but was by midday 0.37% higher than yesterday. African Bank [JSE:ABL], which yesterday plunged another 8.53%, stabilised this morning. The share price was only 0.07% lower on R58.20 - its weakest level in ten years.
