JSE comes off high on profit-taking. THE JSE closed softer on Thursday on consolidation and profit-taking amid volatile trade after closing at a record on Wednesday. At 5pm, the all share index closed 0.23% softer at 44,350.31 points, with the platinum and industrial indices leading the downside. The platinum index relinquished 1.13% and industrials gave back 0.49%. The gold index led the gainers, adding 0.90%, followed by resources, which were 0.35% firmer. Leading European markets were trading mixed in late trade, with London’s FTSE 100 flat (0.04%) at 4.47pm. "It has been a volatile day’s trade in markets, with our top 40 index opening at and extending new highs before ebbing and flowing between marginal gains and losses into afternoon trade," IG markets analyst Shaun Murison said. "Our local market attempted to move back into positive territory and follow the US market’s lead after the largest economy in the world revealed that 15,000 less people than anticipated filed for unemployment benefits over the preceding week, but failed after US monthly pending home sales disappointed," he said. The local August domestic producer price index (PPI) figure, a short-term indicator of inflationary trends, came in at 6.7% year on year, higher than July’s reading of 6.6% and missed the consensus forecast of 6.5%, he said. "Surprising the rand remained firm against the dollar despite the PPI figures, a looming strike at Anglo American Platinum and a greenback which is strengthening significantly against the euro and the pound," he said. Meanwhile, across the Atlantic, US stocks gained ground after a firm reading from the labour market, as the market stabilised following a string of declines, Dow Jones Newswires reported. The Dow Jones Industrial average was 0.27% firmer at 4.47pm. According to Dow Jones, uncertainty over the US Federal Reserve’s policy intentions and rising tension in Washington surrounding budget and debt-ceiling talks have triggered some uncertainty in the US stock market. However, traders attributed the recent declines more to investors trimming their winning positions than to pessimism about the market’s future direction, the newswire said. On the economic front, the number of Americans seeking new unemployment benefits remained near six-year lows in the latest week, with the number initial jobless claims falling 5,000 to a seasonally adjusted 305,000. The reading was lower than economists’ forecast of 330,000 new claims. Meanwhile, a third look at second-quarter gross domestic product was left unrevised at 2.5%, on a seasonally adjusted annual rate, versus economist forecasts for a revised growth rate of 2.8%. Among individual shares on the JSE, Anglo American dipped 0.48% to R249.89, while rival BHP Billiton gained 1.56% to R301.58. Kumba Iron Ore gave up 2.10% to R461.50 and ArcelorMittal SA shed 3.41% to R34. AngloGold Ashanti climbed 1.49% to R134.12, while Harmony eased 1.25% to R34.90. Sibanye Gold surged 4.83% to R13.66. The gold miner said on Thursday that Van Eck Associates had acquired an interest in Sibanye’s shares and it now had a total interest of 5.97% of the total issued ordinary shares of Sibanye. Platinum counter Impala Platinum led the losers in the platinum sector, ending 2.09% lower at R125.14, followed by Anglo American Platinum, which ended 0.63% lower at R440.
Posted on: Fri, 27 Sep 2013 05:40:45 +0000
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