The JSE ended the week in the red as weaker metal prices weighed on commodity stocks to drag the bourse down 0.44% at 67,464.69 points.
For the month of October, however, it was metals prices that kept the JSE afloat. Bloomberg reports the mining index, which represents about 40% of the benchmark equities index, rose 20% this month, led by a 49% surge in Royal Bafokeng Platinum after the company opened talks to be bought by Impala Platinum.
On the day, Implats was among the biggest losers, dropping 4.47%, while RBPlats lost 1.33% amid weaker PGMs. Gold stocks also lost shine on a weaker gold price, with Harmony losing 3.76%, DRDGold 2.70%, Anglogold 2.62% and Gold Fields 2.55%. Other miners adding to the gloom included Kumba Iron Ore (-2.44%) and African Rainbow Minerals (-2.62%).
Exxaro and EastPlats bucked the commodities dip, gaining 1.94% and 6.24% respectively.
ABInbev slumped almost 5% on profit-taking after the world’s largest brewer bubbled over 13% in the previous session. Peer Distell gained 1.83%.
Among retailers, The Foschini Group gained 1.73% after the fashion retailer said it expects to show a first-half profit as it recovers from store closures during the Covid-19 lockdown restrictions. Rivals were mixed with Mr Price gaining 0.30% and Woolies dropping 0.72%.
Other major gainers included hotel stocks Tsogo Sun (+4.78%) and Sun International (+6.26%), tech stocks Bytes (+4.11%) and Blue Label (+2.59%) and banks stocks Investec (+9.08%) and FirstRand (+7.59%).
On the forex front, the rand ended the week as the weakest currency in the emerging market basket after losing over 60 cents in a week. Today, the local unit continued its climb, but fought back after reaching an intraday high of R15.32, comments TreasuryONE. At last count the currency was changing hands at R14.27 against the US dollar, which “interestingly came back strongly in afternoon trade”.
That the rand was unphased by the dollar’s climb, “only convinces us more that at the moment the unit is an EM play rather than a US dollar play”, TreasuryONE added.
For commodities it was a red day, which also didn’t help the rand. Palladium plunged the most, last seen trading 1.03% lower at $1,974/oz, while platinum lifted its head after local markets close to last trade 0.39% higher at $1,026. Gold dulled 0.93% to change hands at $1,782.
Brent crude slipped 0.43% to trade at $84.16 at last count. Sasol gained 0.4%.
Indicators as at 17:00
Currencies
EURUSD 1.1570
EURZAR 17.5806
GBPUSD 1.3706
GBPZAR 20.8247
AUDZAR 11.4099
CADZAR 12.2590
CNYZAR 2.3711
ZARJPY 7.4988
CHFZAR 16.6247
USDAOA 597.40
Bonds and equities
R186 8.19%
US 10 Year 1.57%
JSE -0.52%
FTSE -0.33%
S&P 500 -0.27%
Commodities
Gold $1 777.11
Plat $1 010.97
Plad $1 964.96
Rhod $14 090.00
Irid $4 490.00
Ruth $618.00
Copp $9 952.50
Brent $84.20
Iron Ore 62.5% $121.94
Coal API4 $163.00
Gold ZAR R27 010.12
Plat ZAR R15 365.60
