The JSE closed weaker on Monday despite a relief bounce in other global equity markets.
The local bourse traded flat after the open but it eventually lost that momentum as it slipped into the red. Blue-chip counters continued to weigh on the Top-40 Index as the majority of the constituents were trading under pressure. Rand hedges also came under pressure as the Rand strengthened significantly against the greenback.
The Rand strengthened to a high of R11.62/$ mainly on the back of the positive momentum from Moody’s ratings decision of South African debt, as well as a weaker US dollar. The Rand was trading at R11.65/$ at 17.00 CAT.
Murray and Roberts Holdings [JSE:MUR] was the biggest mover of the day as it jumped by 45.54% to close at R14.03 per share. This was following the announcement on Monday morning that ATON intended to make a firm offer to Murray and Roberts to acquire all the issued and to be issued ordinary shares of Murray and Roberts at a cash price of R15.00 per share. ATON is already a minority shareholder in Murray and Roberts.
Other big moves higher were recorded in ArcelorMittal [JSE:ACL] and Grindrod [JSE:GND] which gained 4.58% and 5.18% respectively. Steinhoff International [JSE:SNH] jumped significantly earlier on to a session high of R3.85 per share, but it eased towards the close to end the day up 3.56%, at R3.20 per share. Nedbank [JSE:NED] and Massmart [JSE:MSM] benefitted from the weaker Rand as they ended the day up 1.17% and 2.73% respectively.
Listed property stocks took a knock on Monday which saw Greenbay Properties [JSE:GRP], Resilient [JSE:RES] and NEPI Rockcastle [JSE:NRP] ending the day down 14.17%, 5.97.% and 4.00% respectively. Diversified miners Glencore [JSE:GLN] and BHP Billiton [JSE:BIL] lost 1.93% and 2.04% respectively, whilst Brait [JSE:BAT] and Mediclinic [JSE:MEI] shed 5.44% and 1.94% respectively.
Platinum miners Impala Platinum [JSE:IMP] and Anglo American Platinum [JSE:AMS] came under significant pressure as they lost 4.71% and 5.63% respectively. Sasol [JSE:SOL] and Sappi [JSE:SAP] also weakened to end the day 2.43% and 2.61% softer respectively.
The JSE All-Share Index ended the day 0.41% lower, whilst the JSE Top-40 Index lost 0.38%. The Financials Index managed to close in the green as it gained 0.49%, however the Resources and Industrials Indices shed 1.40% and 0.27% respectively.
Despite opening firmer Brent Crude lost that momentum and eventually traded in the red. The commodity reached a session low of $69.91/barrel before it rebounded to trade at $70.09/barrel just after the JSE close.
Gold firmed on the back of the weaker US dollar to reach a session high of $1355.17/Oz. At 17.00 CAT it was trading at $1353.66/Oz, whilst Platinum and Palladium also firmed to trade at $955.34/Oz and $984.02/Oz respectively.