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Johannesburg - Industrial stocks slid the most on Friday‚ dragging the JSE to its lowest point in more than two weeks‚ as debt tensions in Cyprus continued to dominate global risk sentiment.
At 12:48pm‚ the JSE All Share [JSE:J203] index was down 0.63% to 40 063.39 points‚ with the Top 40 - (Tradeable) [JSE:J200] index losing 0.76% to 35 512.32. Industrial stocks lost 1.43% but the gold mining index lifted 1.29%.
“Markets don’t like uncertainty. Investors are taking money off the table pending the resolution of the Cyprus bailout‚ the deadline for which is set for Monday‚” said Greg Davies‚ head of dealing at Cratos Capital.
Major European stock markets were generally weaker at noon‚ save for the UK’s FTSE 100 which was flat.
“The Cyprus banking crisis remains the cause of market jitters at this point as the European Union mounts further pressure on the country to raise €5.8bn by Monday to secure bailout funds‚” said Shaun Murison‚ market analyst at IG South Africa.
Among individual stocks on the JSE‚ Sasol (SOL) was up 1% to R415.38‚ AngloGold Ashanti (ANG) rallied 2.17% to R225.89 but volatile Sibanye Gold (SGL) slipped 2.74% to R12.79.
In industrial stocks‚ Bidvest (BVT) lost 3.48% to R234.05 after the industrial group made an unsolicited offer to pharmaceutical group‚ Adcock (AIP). Adcock was up 9.4% at R61.40 on the offer.
Luxury goods maker Richemont shed 3.61% to R72.35 after Swiss watch exports data fell 2.5% in February on a year-on year basis‚ dragged down by Asia.
MTN Group (MTN) was down 4.95% to 166.80 after going ex-dividend.
Murray & Roberts (MUR) was down 3.97% to R22.95 and Naspers (NPN) lost 4.14% to R571.20‚ in what Davies attributed to the disappointing Hong Kong-based Tencent full year results this week in which Naspers has a stake.
At 12:48pm‚ the JSE All Share [JSE:J203] index was down 0.63% to 40 063.39 points‚ with the Top 40 - (Tradeable) [JSE:J200] index losing 0.76% to 35 512.32. Industrial stocks lost 1.43% but the gold mining index lifted 1.29%.
“Markets don’t like uncertainty. Investors are taking money off the table pending the resolution of the Cyprus bailout‚ the deadline for which is set for Monday‚” said Greg Davies‚ head of dealing at Cratos Capital.
Major European stock markets were generally weaker at noon‚ save for the UK’s FTSE 100 which was flat.
“The Cyprus banking crisis remains the cause of market jitters at this point as the European Union mounts further pressure on the country to raise €5.8bn by Monday to secure bailout funds‚” said Shaun Murison‚ market analyst at IG South Africa.
Among individual stocks on the JSE‚ Sasol (SOL) was up 1% to R415.38‚ AngloGold Ashanti (ANG) rallied 2.17% to R225.89 but volatile Sibanye Gold (SGL) slipped 2.74% to R12.79.
In industrial stocks‚ Bidvest (BVT) lost 3.48% to R234.05 after the industrial group made an unsolicited offer to pharmaceutical group‚ Adcock (AIP). Adcock was up 9.4% at R61.40 on the offer.
Luxury goods maker Richemont shed 3.61% to R72.35 after Swiss watch exports data fell 2.5% in February on a year-on year basis‚ dragged down by Asia.
MTN Group (MTN) was down 4.95% to 166.80 after going ex-dividend.
Murray & Roberts (MUR) was down 3.97% to R22.95 and Naspers (NPN) lost 4.14% to R571.20‚ in what Davies attributed to the disappointing Hong Kong-based Tencent full year results this week in which Naspers has a stake.
