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JSE edges lower as banking stocks cool

Cape Town - The JSE cooled on Friday, ending off a largely positive week on a down note. 

The rand steadied against the dollar, trading at R11.85 against the greenback at the close of the market. 

The All Share index edged 0.12% lower while the blue-chip Top 40 eased by 0.02%, dragged lower by financials and resources.

Woolworths gained 4.64% to trade at R67.25, recovering slightly after the retail group conceded to the disappointing performance of Australian acquisition, David Jones, by writing down R7bn of its value.

The write-down indicated to the market that Woolworths admits that it overpaid for the Australian retailer. 

Naspers [JSE:NPN] firmed 0.47% pulled along by its Chinese investment, Tencent, which gained 2.88% in Hong Kong.

The Hang Seng closed 1.53% higher on strengthening banking stocks.

Data released on Friday indicated that the US economy grew at an annual rate of 2.6% in the final quarter of 2017, finishing off the year on a firm footing.

Combined with a sinking jobless rate, a surging stock market and a sunny outlook, the American economy’s performance has also been buoyed by simultaneous growth in nations around the world, which has fuelled trade and enabled foreign consumers to buy more American-made products.

The dollar index firmed on Friday morning following comments from President Donald Trump. "The dollar is going to get stronger and stronger, and ultimately, I want to see a strong dollar," he said at the WEF.

The greenback had slipped to three-year lows earlier in the week after Treasury Secretary Steven Mnuchin said a "weaker dollar is good for trade".

The dollar’s rebound sent commodities prices down on Thursday afternoon. Oil, which had hit fresh three-year highs, traded down by 0.10% to $70.35.

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Rand - Dollar
19.23
-0.6%
Rand - Pound
23.92
-0.6%
Rand - Euro
20.55
-0.5%
Rand - Aus dollar
12.48
-0.7%
Rand - Yen
0.12
-0.4%
Platinum
913.80
-0.7%
Palladium
1,008.50
-1.7%
Gold
2,324.31
+0.1%
Silver
27.24
-0.2%
Brent-ruolie
88.42
+1.6%
Top 40
68,574
+0.8%
All Share
74,514
+0.7%
Resource 10
60,444
+1.4%
Industrial 25
104,013
+1.2%
Financial 15
15,837
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
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