A WEAK rand and continuing uncertainty about the state of the global economy kept local equities on the back foot on Friday, with an overall loss of 94 points being registered.
By 5pm, the all share index lost 0,47%, weighed down by a 3,83% fall in gold stocks and a 0,88% decline in resources. However platinum stocks added 3,88%. Banks gained 0,34%, financials added 0,39% but industrials gave up 0,48%. The unemployment figures in the US were not too pleasing and that added pressure on markets, a local trader said. The trader said there had been hopes that there would be some buying into the markets at the low levels.
However, he said, there was still a lot of uncertainty, and buyers did not want to buy ahead of the weekend.
It seemed they wanted to wait until this week to see what happened on the Dow and how markets reacted, he said. He also said that the rand, which also came under pressure, had failed to support resource and gold stocks.
Recession fears were obviously still a factor, he said.
On the JSE, resources giant Anglo American (AGL) was down 4,34% to R210, but BHP Billiton (BIL) added 1,70% to R160,70. Sasol (SOL) gave up R1,86 to R248,40.
Paper and pulp producer Sappi (SAP) was up 2,06% to R59,45. Rival Mondi edged up 1,20% to R42.
Kumba Iron Ore (KIO) gained 5,20% to R128, but Highveld Steel (HVL) was down 1,58% to R59 and ArcelorMittal (ACL) lost 1,07% to R73,75.
Among gold miners, AngloGold Ashanti (ANG) gave up 2,44% to R184, Gold Fields (GFI) fell 5,94% to R64,90 and Harmony (HAR) was down 3,86% to R68. Platinum miner Anglo Platinum (AMS) was up 1,60% to R380 and Impala Platinum (IMP) gained 6,25% to R110,50, but Lonmin (LON) shed 4,79% to R166,61. In other miners African Rainbow (ARI) shed 11,65% to R91, while Exxaro (EXX) put on 1,51% to R63,95.
Among industrials, brewer SABMiller (SAB) was up R1,05 to R150,04 and British American Tobacco (BTI) collected 1,52% to R267. However, Imperial (IPL) fell 4,47% to R49,20 and Remgro (REM) was down 1,62% to R66,90. Bankers Standard Bank (SBK) edged up 31c to R74,01, while Absa (ASA) gave up 49c to R95,50.
Financial services group Old Mutual (OML) was up 3,44% to R9,32 and Sanlam (SLM) added 3,54% to R16,68. African Bank (ABL) lost 6% to R23,50.
Among retailers Truworths (TRU) lost 3,55% to R29,90 and Pick n Pay (PIK) was down 2,88% to R30,40.
In construction, Group Five (GRF) fell 5,90% to R37,45 and Aveng (AEG) gave up 5,61% to R34,50. However Pretoria Portland (PPC) was up 4,06% to R28,20.
Telecommunications group MTN Group (MTN) edged down 18c to R108 and Telkom (TKG) was down 4,20% to R114.
South African near-dated futures ended virtually unchanged on Friday, erasing earlier losses as Wall Street spiked higher in early trade, one trader said. “We turned the corner late in the session on the back of Wall Street, but we did not shoot through the roof. There’s a little of bit of uncertainty still," he said. The near-dated Alsi contract ended 13 points stronger at 18621. A total of 33592 Alsi contracts changed hands compared with 48569 previously, a Safex official said.
South African white maize futures ended flat on Friday, supported by the weak rand which prevented the market from following a sharply weaker close on the Chicago Board of Trade (CBOT). A trader said the market had initially traded lower, but managed to recover on the weaker currency. He said although markets were low, they managed to hold up and close above yesterday’s poor closing levels. The December white maize contract lost R10 to R1746 a ton, March maize fell R23 to R1813 and in-delivery November maize gave up R4 to R1740 a ton. December wheat was down R9 to R2577 a ton, March wheat was down R10 to R2653 and November wheat was unchanged at R2571. I-Net Bridge
1/4 cents to $3,78 a bushel on the Chicago Board of Trade, and March lost 12½c 1/2 cents to settle at $3,95½c .
The weakness in the outside markets was formidable, encouraging speculative fund sales throughout the CBOT grain and soy complex and nearly all commodity markets except the dollar. Funds sold an estimated 5000 corn contracts on the day.
