With international markets gaining while South
African markets were closed on Wednesday, the JSE started the day well
on Thursday. However, once US and European markets opened somewhat
lower, it began to fall.
In a wild see-saw ride, the all share traded in a range of nearly 1,500 points, its most volatile since October 25.
Trade in the rand, however, was a little calmer, with the currency
almost flat against the dollar by the JSE’s close, at R14.5599. It was
down 0.65% to the euro at R16.6335 and 0.14% to the pound at R18.4257.
The euro had gained 0.64% to the greenback at $1.1427.
The JSE turned over R9.5bn, a little under half its daily
average, with extreme moves among individual stocks the order of the
day, which is often the case at this time of the year.
The all share fell 1.02% to 51,551.7 points, with industrials faring
worst, down 1.62% and resources losing 1.09%. Banks eked out a 0.46%
gain, with gold and platinum miners doing best, up 0.57% and 2.24%,
respectively, on a day characterised by global risk-off sentiment.
MTN gained almost 9% in early trade after it emerged it had settled
its $8.1bn dispute with the Nigerian central bank, agreeing to pay about
$52.6m instead, without admitting any guilt. It closed 2.68% higher at
R87.79.
Brent crude took another hit, and was last seen down 2.64% to $53.73 a
barrel. It is now down 19.27% in 2018, with its December losses at
about 9%.
A large chunk of the all-share’s losses came from Naspers, which fell
3.03% to R2,866.70. After a more than 70% gain in 2017, the share is
now down nearly 17% this year. It reached a high of R4,142.99 on
November 21 2017.
All the large diversified miners were lower, with spot platinum
prices lower, while gold gained. Anglo American fell 1.12% to R314.45,
BHP 1.18% to R296.46, and Glencore 1.75% to R52.07.
The local bond market firmed, with the benchmark R186 government note last bid at 8.93% from Monday’s 8.99%.
After gaining almost 5% on Wednesday, the Dow was last seen down 1.81%, with major European markets also suffering losses.
lindera@businesslive.co.za
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