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Directionless JSE treads water

Mar 07 2017 12:48
David van Rooyen
jse,JSE

The new JSE logo. (Supplied)

Company Data

PSG GROUP LIMITED [JSE:PSG]

Last traded 247
Change 4
% Change 1
Cumulative volume 1350288
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

CAPITEC BANK HOLDINGS LIMITED [JSE:CPI]

Last traded 1318
Change 20
% Change 2
Cumulative volume 562891
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

FIRSTRAND LIMITED [JSE:FSR]

Last traded 71
Change 1
% Change 2
Cumulative volume 26912448
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Share prices on the JSE drifted aimlessly on Tuesday, as investors are waiting for new indicators to point the market in a new direction.

The JSE is following global markets which are also in a bit of a lull after the strong run on Wall Street came to an end.

US investors are worried about US President Donald Trump’s inability to concentrate on his economic programme as well as the prospects of higher US interest rates.

Increased political tension after North Korea fired four missiles into Japan’s territorial waters also dampened the demand for equity.

Concerns about the rise of the far right in France on the eve of a presidential election in that country also spooked European investors, as a victory by the rightwing candidate could lead to France also leaving the European Union.

By mid-morning the major indices on the JSE had hardly moved, fluctuating between negative and positive territory.

The strong rand, which on Tuesday morning traded at R12.96 to the dollar, also placed a cap on the prices of dual-listed shares, because these shares are more expensive if the currency strengthens. The rand is supported by a higher risk appetite for emerging market currencies as the dollar and the US markets took a breather.

The local market was waiting for the growth figures for the South African economy in the fourth quarter, to see what shape the local economy is in. Growth data is expected to support signs of a gentle recovery, after data showing an improved manufacturing outlook and higher maize yields eased pressure on the rand.

The result was that the All-share index at mid-morning was only 0.12% higher at 51 559 points, while the Top 40 index gained 0.18% to 44 504 points at that stage.

The Financial index was 0.15% lower, while the Resources index was 0.11% higher and the Industrial index 0.24% stronger.

Share prices of the major banks were lower, with Nedbank [JSE:NED] the biggest loser trading 2.34% lower at R251.96. Barclays Africa [JSE:BGA] was 2.03% softer at R151.36, Standard Bank [JSE:SBK] lost 1.19% to R156.61 but FirstRand [JSE:FSR] was only 0.66% softer at R51.24.

There was a bit of profit taking involved as banking shares have performed solidly lately.

Capitec [JSE:CPI] was however on a new 52-week high, although the share price only gained 0.25% to R738.87. The bank said it expects to grow full-year profit up by as much as 19%, in line with analyst expectations.

Capitec is in the PSG stable, which is currently performing very well. PSG [JSE:PSG], an investment company, was also on a 52-week high trading 0.14% stronger at R254.38. Zeder [JSE:ZED], PSG’s investment vehicle in the agricultural sector, was 2.43% higher on a 52-week high of R7.58.

Some well known companies were trading at 52-week lows, including Anheuser-Busch (AB) InBev [JSE:ANH], Distell [JSE:DST]  and Mediclinic [JSE:MEI]. AB InBev lost 1.07% to a new low of R1 384.42, and the share price is now 17.90% lower over the past 90 days. Distell, which is 14.5% lower over the past three months, traded 1.10% softer to a new low of R140.10.

Mediclinic, which is now more than 22% softer over the past three months, at mid-morning traded 1.34% lower at R115.18.

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