Share

SA stocks end bumper month on weak note

Johannesburg - South African stocks ended their strongest month since mid 2009 on a weaker note on Monday as faltering commodity prices weighed on miners.

The JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index fell 1.85% to 29 019.06, but logged a 10.02% gain for the month, the biggest monthly gain since July 2009 and ending a five-month losing run.

The broader All Share [JSE:J203] index gave up 1.66% to 32 348.54.
 
“Overall it was a very strong month but now we see a little bit of caution creeping in because of lack of details about the plan to resolve the eurozone debt crisis,” said Daniel Kraus, equities and derivatives trader at StockAlert.co.za.
 
“MF Global’s filing for bankruptcy also reminded people that all is not well out there and that companies are not safe and secure in the current economic environment.”

MF Global, the US futures broker, whose heavy bet on the region’s debt sent its shares plummeting in recent days, filed for bankruptcy on Monday.
 
Charts also suggested that Johannesburg’s blue-chip index was due for a pull back with it relative strength index or RSI hitting the overbought mark of 70 on Friday.

The index was also trading near its upper Bollinger band. A breach of the upper band is usually seen as a sign a security is oversold.
 
Among share movers, Anglo American fell 3.81% to R297.23 and rival BHP Billiton surrendered 2.72% to R252.44.

Copper slipped on Monday as the dollar rose and enthusiasm for Europe’s debt deal gave way to the view that the region’s economic problems are far from over.

Elsewhere, Naspers was down 3.8% at R381.78, after rising nearly 14% in the past four weeks and tracking its Chinese unit Tencent.

Capitec Bank tumbled 4.21% to R182 after the lender said it would issue $110m in new shares.

However, Harmony bucked the weaker tone on the bourse, rising 1.47% to R104.51 after the gold miner beat forecasts with a three-fold increase in quarterly profit.

Also in earnings news, Mondi added 1.04% to R62 after the paper maker’s upbeat comments about its quarterly performance.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders