The JSE traded softer on Friday ahead of the ratings decision from Moody’s which was expected well after the market close.

Local equities slid further on Friday as the blue chip counters continued to weigh on the broader index. This was in line with global equity markets particularly in the USA where the Dow Jones and S&P500 fell sharply in Thursday’s session. Asian equities also traded lower, and the Nikkei in particular took a 4.51% knock.

Listed property stocks Growthpoint [JSE:GRT] and Greenbay Properties [JSE:GRP] were among the day’s biggest losers after they shed 5.28% and 5.51% respectively. Miners Kumba Iron Ore [JSE:KIO], Impala Platinum [JSE:IMP] and South32 [JSE:S32] also traded under significant pressure to end the day 3.11%, 2.38% and 4.49% lower respectively.

Index heavyweights Naspers [JSE:NPN] and Richemont lost 4.55% and 1.23% respectively, whilst banking stocks were relatively muted. First Rand [JSE:FSR] and Nedbank [JSE:NED] eventually closed the day down 0.32% and 0.47% respectively. Shoprite [JSE:SHP] continued to trade under pressure as it lost 0.11%, whilst Famous Brands [JSE:FBR] and Barloword [JSE:BAW] closed 2.51% and 2.52% weaker.

EOH Holdings [JSE:EOH] found some relief on Friday as it jumped 10.16% to close at R45.94 per share. Gold mining stocks were among the biggest gainers of the day mainly on the back of firmer Gold metal prices. AngloGold Ashanti [JSE:AGL], Harmony Gold [JSE:HAR] and Gold Fields [JSE:GFI] all firmed by 5.67%, 2.05% and 4.06% respectively. Brait [JSE:BAT] firmed by 2.17% to close at R36.22 per share, whilst Dis-Chem [JSE:DCP] and Mr Price [JSE:MRP] inched up 1% and 1.53% respectively.

The JSE Top-40 Index closed 1.51% weaker, whilst the JSE All-Share Index lost 1.43%. Another rough day ensued for the JSE’s major indices as the Industrials Index lost 1.94%, whilst the Financials index lost 1.12%. The Resources Index closed 0.29% weaker despite firmer Gold mining stocks.

The Rand strengthened from its overnight close to peak at a session high of R11.73/$. The US dollar was still trading softer which resulted in the Rand firming as well as higher Gold prices. At 17.00 CAT the Rand was trading at R11.76/$.

Gold benefitted from the weaker US dollar as it rallied to a session high of $1350.33/Oz. It was still trading firmer at 17.00 CAT as it was recorded at $1347.70/Oz, up 1.37% for the day. Platinum and Palladium were both trading firmer on the day and at 17.00 CAT they were trading at $953.55/Oz and $982.43/Oz respectively.

Brent Crude jumped on concerns that Donald Trump’s new security adviser would increase tensions amongst oil producing countries. The commodity reached a session high of $70.38/barrel before it retraced marginally to trade at $70.02/barrel just after the close.