BD: JSE loses ground as investors trim bullish bets
THE JSE’s recent rally faltered on Wednesday as investors cut back on their bullish positions, leaving main indices weaker across the board.
The all share was off 0.59% to 51,652.08 points in early afternoon trade, with the blue-chip top 40 dropping 0.69%.
"Resource stocks are leading the downside today. However we are still seeing a somewhat more positive backdrop for equities, with the dollar weakness and commodity strength," Regenesys Investments CEO Devin Shutte said.
Resource and gold indices lost 1.12% and 1.46%, respectively.
"We have hit a technical resistance to the upside on the all share in the short term but the trend is still bullish," BP Bernstein Stockbrokers trader Vasili Girasis said.
Europe’s major share markets were moderately lower at midday, with London’s FTSE 100 losing 0.5% while US stock markets suggested a positive opening on Wall Street.
Among individual shares, Anglo American was off 2.39% to R198.05 and Sasol gave up 2.03% to R464.80. African Rainbow Minerals lifted 2.03% to R128.36.
SABMiller dropped 1.13% to R613.78 while Imperial shed 1.93% to R199.78.
The recently high-flying Harmony Gold fell 3.27% to R34.34 while Impala Platinum lost 1.09% to R79.56.
Barclays Africa was down 2.25% to R188.55 while RMB Holdings gave up 2.02% to R64.47.
Woolworths gave up 2.19% to R83.65 and Foschini shed 2.03% to R170.45.
