JSE ends down despite miner gains

Mar 15 2013 17:58
I-Net Bridge
Johannesburg - Despite miners making gains on the JSE on Friday‚ the all share index ended in negative territory‚ with platinums the main gainers and banks the laggards.

At 17:00‚ the JSE All Share [JSE:J203] index closed 0.37% softer at 40 757.94 points‚ with the top 40 index giving back 0.40%.

The platinum‚ gold and resource indices lifted 2.31%‚ 1.24% and 0.59% respectively.

European markets traded lower‚ with London’s FTSE 100 having shed 0.68% by 17:00 local time.

US stocks extended their morning losses‚ as investors were disappointed by a worse-than-expected reading on consumer confidence‚ Dow Jones Newswires reported. The Dow Jones Industrial Average had declined 0.27%‚ at 17.05 local time. The US consumer price index for February rose 0.7% on the month‚ slightly more than the 0.6% expected.

“Resources and miners has a run in the US markets‚ which closed at all time highs on Thursday and the US published PPI figures that were not so bad. Asian markets were consequently pushed higher by the Dow‚” said Kyle Dutton‚ stockbroker at Mercato Financial Services.

“The appointment of the Bank of Japan’s new finance minister pushed commodities and miners firmer on Friday after they suffered a bit of a drop on Thursday; investors were therefore looking at decent entry prices today‚” he said.

On the JSE platinum counter Lonmin (LON) added 3.38% to R46.50‚ Jubilee (JBL) leapt 5.31% to R1.19 and Impala Platinum (IMP) added 3.20% to R138.75‚ while Aquarius (AQP) gave up 4.70% to R7.10.

In the bullion index Harmony (HAR) added 2.96% to R60.50 and Gold Fields (GFI) gained 2.37% to R74.33‚ but Sibanye (SGL) gave back 2.67% to R13.86.

Coal of Africa (CZA) lost 4.69% to R2.03 after it reported a loss for the six months ended December of $111.7m‚ or 14.39c per share‚ compared with a loss of $74.7m or 13.36c per share for the prior corresponding period.

In banking and financials Standard Bank (SBK) lost 2.15% to R113.75‚ Absa slipped 1.55% to R159.99‚ Santam (SNT) shed 5.03% to close at R200.01 and Discovery (DSY) gave up 3.28% to R76.41.

Building group Basil Read (BSR) slumped 6.33% to R11.10‚ after it said in an earlier trading statement that earnings for the year would be between 215% and 225% lower compared to the previous corresponding period and headline earnings were expected to be between 185% and 195% lower.

Aveng (AEG) lost 3% to close at R35.89 after reporting that diluted headline earnings per share rose by 44% in the six months to December to 97.5 cents.

Among retailers Spar (SPP) jumped 4.12% to R115.95‚ while Massmart (MSM) lost 1.74% to R184.73.

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