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JSE closes flat after weak session

/
Musa Makoni
FIN24-Evening-Intraday-Trading-Review

The JSE swung into gains towards the close on Tuesday before closing flat, following a session where it traded mostly softer.

Locally focus was on South Africa’s GDP numbers for the 2nd quarter. The economy recorded better than expected growth of 3.1% QoQ compared to the consensus estimate of 2.4% growth. GDP YoY expanded by 0.9% compared to a prior recording of zero growth. Despite this GDP data, there was some gloom following the release of the ABSA Manufacturing PMI which fell to 45.7 from a prior recording of 52.1.

The improved GDP numbers as well as a weaker US dollar saw the rand advance to a session high of R15.07 against the greenback, before retreating to trade 0.73% firmer at R15.12/$ at 17.00 CAT.

Stocks on the JSE were rather mixed in today’s session but notable gains were recorded for Aspen Pharmacare [JSE:APN] following the release of a trading statement  which highlighted the a decrease in net debt and a positive cash flow. The stock rallied 7.26% to close at R82.41. Murray and Roberts [JSE:MUR] surged to close amongst the day’s biggest gainers after it added 7.44% to close at R13.00. Retailer, The Foschini Group [JSE:TFG] advanced 5.9% to close at R157.63, while its sector peer Truworths [JSE:TRU] managed to gain 2.2% to close at R53.40. DRD Gold [JSE:DRD] was buoyed the release of a positive set of full-year results which saw the stock rally 5.19% to close at R7.10, while AngloGold Ashanti [JSE:ANG] gained 2.61% to close at R352.88.

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Listed property stock, Intu Properties [JSE:ITU] came under pressure in today’s session as it tumbled 11.52% to close at R6.30, while Fortress REIT [JSE:FFB] fell 6.74% to close at R10.10 after it announced a decrease in its dividend per share. Brait [JSE:BAT] struggled as it lost 6.04% to close at R14.00, while hospitality group Sun International [JSE:SUI] lost 5.89% to end the day at R40.61.Other significant losers on the day included Sappi [JSE:SAP] which lost 4.03% to close at R41.24, Sibanye Stillwater [JSE:SGL] which dropped 2.39% to close at R20.45, and Glencore [JSE:GLN] which closed at R42.88 after adding 1.58%.

The JSE All-Share index eventually closed 0.08% softer while the JSE Top-40 index shed 0.03%. The Resources index was the biggest casualty of the day as it lost 0.71%. The Financials and Industrials indices managed to gain 0.68% and 0.06% respectively.

Brent crude slipped further in today’s session to be recorded trading 1.77% weaker at $57.63/barrel just after the JSE close.

At 17.00 CAT, Palladium was up 0.27% at $1540.70/Oz, Platinum had rallied 2.21% to trade at $951.20/Oz, and Gold was trading 1.05% higher at $1545.22/Oz.


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