The JSE reversed its fortunes of the last two days, ending down 0.85% on broad stock losses with Anglo American and BHP the biggest drag on the index for industrial miners.
Other miners tracked the 2.72% and 2.18% drop in the pair respectively, with Kumba Iron Ore (-0.17%) and Implats (-0.74%) losing some ground. Gold Fields gave up 1.35% despite saying it expects first-half earnings to more than double thanks to a higher gold price, while Sibanye Stillwater slid 1.13% after announcing plans to buy nickel processing facilities in France for €65m (R1.1bn).
Naspers and Prosus limited losses to 1.31% and 1.18% respectively following a further almost 3% slide in Tencent in a wild week of market shocks in China in which investors lost a massive $1 trillion.
Among the winners were container leasing group Textainer (+4.25%), Pepkor (+2.09%) and Sirius (+2.06%). Banks stocks gained across the board, with FirstRand adding 1.65%, Nedbank 1.41%, Absa 1.51%, Standard Bank 0.62% and Capitec 0.86%.
The rand traded in a tight range in quiet trade, ending the day 0.27% weaker at R14.59 against the US dollar from its overnight close in New York. “The rand will close below the 200-day moving average for the week, which could possibly open the unit for more gains next week,” comments TreasuryONE.
South Africa trade balance widened to R57.6bn for June, as higher exports and low demand for imports remain visible.
On the commodity front platinum lost 2% on the day, trading back at $1,040/oz per ounce, making the losses for the week almost 5%. Palladium is also on the back foot trading closer to $2,600/oz, while gold is holding steady at $1,822.
Indicators as at 17:00
Currencies
USDZAR 14.6330
EURUSD 1.1856
EURZAR 17.3437
GBPUSD 1.3902
GBPZAR 20.3367
AUDZAR 10.7476
CADZAR 11.7163
CNYZAR 2.2633
ZARJPY 7.4939
CHFZAR 16.1375
USDAOA 639.65
Equities and bonds
R186 7.33%
US 10 Year 1.23%
JSE -0.87%
FTSE -0.51%
S&P 500 -0.37%
Commodities
Gold $1 822.88
Plat $1 042.29
Plad $2 636.11
Rhod $18 390.00
Irid $5 590.00
Ruth $748.00
Copp $9 747.50
Brent $76.18
Iron Ore 62.5% $213.52
Coal API4 $131.50
Gold ZAR R26 666.18
Plat ZAR R15 247.24
Indicators brought to you by TreasuryONE
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