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JSE erases earlier gains to end the day weaker

Musa Makoni

The JSE erased earlier gains to close weaker on Tuesday as index heavyweight Naspers dragged the blue chips lower.

Naspers [JSE:NPN] traded softer after its Hang Seng listed associate, Tencent Holdings, traded under pressure in today’s session. The weakness was a result of the significant pressure on US indices overnight which saw the tech-heavy Nasdaq shed 0.3%.

Global markets were mixed on Tuesday however, the JSE had quickly retreated from its highs by midday to trade lower. Naspers lost 3.38% to close the day at R3098.50 per share. Banks, Standard Bank [JSE:SBK] and Nedbank [JSE:NED] closed at R184.85 and R250.93 per share after dropping 1.64% and 2.28% respectively. British American Tobacco [JSE:BTI] which will be trading ex-dividend from Wednesday lost 1.1% to end the day at R676.05 per share.

Sibanye Stillwater [JSE:SGL] slipped by 11.19% to close at R8.33 per share, while Zeder Investments [JSE:ZED] lost 5.84% to end the day at R5.32 per share. Steinhoff Africa Retail [JSE:SRR] closed 4.61% weaker at R16.57 per share following news of the resignation of senior management from the firm. Impala Platinum [JSE:IMP] and Royal Bafokeng Platinum [JSE:RBP] lost 3.69% and 5.45% respectively.

26 June-1

On the broader index Lewis Group [JSE:LEW] jumped 6.87% to close at R30.35 per share. On the blue chip index, Woolworths [JSE:WHL] gained 3.16% to close at R55.21 per share while Discovery Limited [JSE:DSY] managed to firm by 0.85%. Curro Holdings [JSE:COH] closed at R28.94 per share after adding 2.62% and Imperial Holdings [JSE:IPL] added 1.04% to close at R201.03 per share.

The JSE Top-40 index eventually closed the day down 1.74% while the JSE All-Share index lost 1.63%. All the major indices closed in the red which saw the Resources and Industrials indices weaken by 2.05% and 1.99% respectively. The Financials index lost 0.72%.

The Rand traded relatively flat as it peaked at a session high of R13.47/$ before retracing to trade at R13.53/$ at 17.00 CAT.

Brent crude was advancing for most of today’s trading session but this move was abruptly curtailed following news of Saudi Arabia’s planned record output. The commodity was trading only 0.13% firmer just after the JSE close at $74.83/barrel.

At 17.00 CAT, Gold was trading at $1260.90/Oz, up 0.27% on the day. Platinum was 0.25% firmer at $870.14/Oz and Palladium was only 0.03% firmer at $944.28/Oz.

Bitcoin was 1.97% weaker at $6176.80/coin and Ethereum was down 5.41% at $442.59/coin.

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