The JSE fell today, following a tech-driven sell-off on Thursday in the US. The South African bourse ended up closing 1.01 % down at 75,160 points.
Traders are worried about inflation, with rising prices hitting companies’ profits, causing the stock markets to tremble. However, several shares went against the trend and closed in the green. Mining company Alphamin was once again a winner following the Q4 report announced at the beginning of the week, up 6.76%. PSG Konsult Ltd, a financial group, did well as well and was up 4,88%.
Kumba Iron Ore was today’s biggest loser after a sharp rise yesterday, following the updated full-year guidance released on Wednesday.
Naspers and Prosus, which face exposure to Chinese tech company Tencent, continued to fall with a 1.42% and 1.19% drop respectively, despite the Tencent share moving upwards in Hong Kong on Friday, but following new research stating that Tencent’s growth in advertising revenue slowed in 2021 as an effect of Beijing’s regulatory clampdown on the internet industry.
The rand stayed stable during the day after a very active week. “The Rand is currently trading at R15.35 after again failing to sustain a break of R15.30. It is the second time that the Rand has failed at this level, giving us the idea that the Rand could start heading weaker in the short term,” comments forex trading house TreasuryONE.
Metals had a better day with most prices moving upwards. Gold is trading at $1,824, Platinum at $979 and Palladium at $1,907. Brent Crude is trading more than 1% higher on the day at $85.44 per barrel.
Indicators as at 17:00
Source: TreasuryONE
