The JSE closed in the red yet again as it followed the trend in other major global indices.
The local bourse opened lower today and continued to trade in the red for the entirety of today’s session. There was some reprieve for gold miners on the JSE today, bouncing on the back of a firmer Gold price. Gold Fields (JSE:GFI) and AngloGold Ashanti (JSE:ANG) were the top movers in the Top-40 Index as they gained 5.08% & 3.31% respectively. Rand hedges Mondi Ltd (JSE:MND) and Mondi PLC (JSE:MNP) also had a good day as they inched up 0.61% and 0.38% respectively. MTN (JSE:MTN) continued tracking higher as it gained another 0.25% whilst luxury goods maker Richemont (JSE:CFR) eventually closed down 0.14%.
Most of the blue chip stocks were trading under pressure as Sasol shed 2.12% to close at R391.28 per share. Discovery ended the day down 1.19%, whilst Old Mutual (JSE:OML), one of yesterday’s biggest gainers, closed the day down 1.17%. Retail and financial stocks were also trading under pressure which saw Truworths (JSE:TRU) and First Rand (JSE:FSR) closing down 1.74% and 0.34% respectively. PPC Ltd (JSE:PPC) continued with its impressive run as it gained another 7.87%, whilst Harmony Gold (JSE:HAR) jumped 8.75%.
The Rand had yet another volatile trading session as it weakened to an intra-day low of R13.31 against the greenback, after opening at R13.19/$. It was trading back at R13.19/$ when the JSE closed. The US Dollar Index lost some ground in today’s session which helped push Gold higher. The Index reached intra-day lows of 93.331 index points after opening at 93.713 points.
The JSE All-Share Index closed the day down 0.24%, whilst the Top-40 Index was down by 0.32%. The trend was similar in all the major indices as the Industrials Index closed down 0.13%, whilst the Resources Index was down by 0.23%. The Financials Index shed 0.56%.
On the commodities front, Gold broke above $1300 per ounce but fell shortly thereafter back below that level. The precious metal managed an intra-day high of $1300.92 per ounce, and when the JSE closed it was recorded at $1294.68 per ounce.
Palladium had another good run as it peaked to an intra-day high of $934.96 per ounce. However it subsequently came under pressure to lose all the gains recorded earlier, and it was recorded at $923.16 per ounce just after the JSE closed. Sibanye Gold (JSE:SGL), which now derives a major component of its revenue from Palladium, closed the day up 2.78%.
Platinum continued to creep higher in today’s session and the metal printed an intra-day high of $989.05 per ounce. This supported some Platinum miners on the JSE, with the likes of Anglo American Platinum (JSE:AMS) and Impala Platinum (JSE:IMP) closing up 4.23% and 2.37% respectively. Platinum was recorded at $979.40 just after the JSE closed.
Brent Crude had another flat session as it continued to hover above $50 per barrel. It has been a relatively flat trading week for Brent Crude given the volatility that has characterised the commodity over the past few weeks. It was recorded at $50.76 per barrel just after the JSE closed.