MARKET WRAP: JSE ends week lower as market watches North Korea and Hurricane Irma

The JSE closed weaker on Friday‚ ending a week characterised by negative sentiment on global markets.

The all share struggled during the week‚ only closing higher on Thursday‚ amid risk-off sentiment centred on geopolitical fears over North Korea‚ and global weather events.

Market sentiment was dominated by the weaker dollar on a barrage of bad news‚ including multiple hurricanes‚ North Korean provocation‚ and dovish comments from US Federal Reserve officials.

Gold and platinum miners gained on Friday‚ buoyed by a weaker dollar environment‚ and demand for safe haven assets. The resource index was‚ however‚ lower as industrial metals came off their recent highs.

Copper was on course for its first weekly drop‚ ending an eight-week bull run‚ while iron ore futures were heading for their biggest decline since May‚ said SP Angel analysts.

The all share closed 0.27% lower (and 1.4% lower for the week 1.4%) at 55‚724.70 points and the blue-chip top 40 lost 0.32%.

Resources shed 1.03%‚ food and drug retailers 0.37%‚ banks 0.25%‚ and industrials 0.16%.

The platinum index gained 0.57%‚ property 0.36% and general retailers 0.18%.

Anglo American closed 2% lower at R234.71.

British American Tobacco added 1.17% to R836.13.

Standard Bank lost 1.57% to R163.14‚ but FirstRand added 0.55% to R54.90. Capitec closed 2.36% higher at a record R912.05.

Among financials‚ MMI Holdings shed 1.74% to R19.80.

African Rainbow Capital gained 1.2% to R8.40‚ on its second day of trading.

Steinhoff rebounded 2.58% to R65.65 as Shoprite shed 0.12% to R214.75. TFG shed 1.9% to R142.

Among property stocks‚ Sirius rose 1.93% to R10.57‚ Capital & Counties 1.06% to R45.69 and MAS Real Estate 2.12% to R26.50.

Naspers dropped 0.83% to R2‚863.84.

Sappi added 1.06% to R83.79.

North Korea could also dominate sentiment next week‚ which will see a scheduled vote of the UN Security Council on deeper sanctions on Monday‚ which was likely to provoke an angry response from Pyongyang‚ said Investec economist Kamilla Kaplan.

At 5.40pm‚ gold had shed 0.21% to $1‚346.24 an ounce and platinum 0.68% to $1‚009.97%

Brent crude off 0.62% at R54.16.

The top-40 Alsi futures index lost 0.46% to 49‚150 points. It was down 1.37% for the week. The number of contracts traded was 16‚612 from Thursday’s 24‚505. – Business Day

By: Karl Gernetzky

Source: TMG Digital.

Leave a Reply