The JSE closed in the red on Monday‚ with industrials pulling the bourse lower after luxury group Richemont (CFR) dropped more than 6 percent after reporting a slowdown in sales in its third quarter to December.
At 5pm‚ the all share index was 0.44 percent lower at 39‚989‚00 points‚ with the top 40 index shedding 0.43 percent to 35‚567.14 points; industrials gave back 1.13 percent.
“Industrials led the downside because Richemont carries such a big weighting in our market being the third or fourth biggest stock by market cap on the JSE. Banks are up but there is no specific reason for it. Absa was downgraded on Friday and lost value but regained some of that today‚” said Devin Shutte‚ market analyst at stockbrokerage Newstrading.
“We saw pedestrian trade today due to the Martin Luther King Jr holiday in the US‚” he said.
Leading European share markets were trading in the black‚ with London’s FTSE 100 nudging up 0.41 percent at 5.26pm local time.
On the JSE‚ among industrial stocks‚ Richemont (CFR) closed 6.05 percent lower at R70.85 and Bidvest (BVT) dropped 1.42 percent to R214.90.
Banking counter Absa (ASA) added 1.51 percent to R164.20‚ Standard Bank lifted 1.84 percent to close at R119.27 and Abil (ABL) advanced 2.35 percent to R30.96.
TRADE CLOSE PERC POINTS
ALL SHARE (J203) 39989.57 40166.53 -0.44 -176.96
INDUSTRIALS (J257) 47539.80 48051.68 -1.13 -551.88
FINANCIALS (J580) 30579.88 30459.19 0.40 120.63
RESOURCES (J210) 52094.34 52078.03 0.03 16.31
GOLD (J150) 2272.08 2268.25 0.17 3.83
PLATINUM (J153) 57.85 58.15 -0.52 -0.30
BANKS (J835) 55121.83 54488.77 1.16 633.06
Nigeria is seeking to boost diplomatic relations with SA to the same level as its trade relations.
African Bank extended its losses on the JSE as the market stressed over the scale of its soured debt.
"We are fully behind workers' demands as they are reasonable... The employer is drunk with profits..."
