The JSE closed weaker on Thursday as momentum remained heavily skewed to the downside from the previous day.

The Rand was softer compared to the previous day’s close, however this move was marginal. This weakness resulted in Rand hedges such as Richemont [JSE:CFR] and Mondi Ltd [JSE:MND] firming by 0.39% and 0.68% respectively. Banking stocks Standard Bank [JSE:SBK] and Nedbank [JSE:NED] strengthened to close the day up 1.31% and 1.20% respectively.

The SARB showed signs of weakness during the SARB press conference as it slid to an intra-day low of R13.90 against the greenback. The SARB kept the repo rate unchanged at 6.75% and subsequently we saw the Rand strengthen to trade at R13.89/$ at 5pm. Bond yields retreated as the benchmark 10 year yield decreased to 9.355% at the JSE close.

Net 1 UEPS [JSE:NT1] was the biggest mover of the day as jumped 14.18%, whilst Italtile [JSE:ITE] and Dis-Chem [JSE:DCP] gained 5.47% and 3.83% respectively. PPC Ltd [JSE:PPC] firmed on the back of a decent set of six months results which showed an increase in earnings per share of 54%, as well decent increases in net cash flow from operating activities. The stock gained 3.03% to close at R6.80 per share.

EOH Holdings [JSE:EOH] came under pressure as it lost 8.14% to close at R81.40 per share. Murray and Roberts [JSE:MUR] and Kumba Iron Ore [JSE:KIO] also traded weaker to close the day down 4.66% and 3.33% respectively. Index heavyweight, Naspers [JSE:NPN], weighed down on the All-Share Index as it lost 4.06% to close at R3741.75 per share.

The JSE All-Share Index eventually closed the day down 0.75% whilst the blue chip Top-40 Index lost 0.82%. The Financials Index recorded modest gains of 0.13% whilst the Resources Index gained 0.63%. The industrials took a knock to close the day down 1.54%.

Gold was mostly flat as it failed to gain any significant momentum despite a relatively weaker US dollar. Gold peaked at $129…/Oz before it retraced to trade at $1290.30/Oz when the JSE closed. JSE listed gold miners AngloGold Ashanti [JSE:ANG] and Gold Fields [JSE:GFI] firmed by …% and …% respectively.

Platinum was 0.43% softer to trade at $936.65/Oz when the JSE closed whilst Palladium lost 0.23% to trade at $999.65/Oz.

Brent Crude traded mostly flat after the big jump on Wednesday due to worse than expected US Crude Oil Inventories data. Brent Crude was trading at $63.33 per barrel when the JSE closed.