The JSE tracked global markets down as soaring energy prices reinforced inflation fears and the property crisis and electricity shortages weighed on Chinese growth.
The bad data out of China has had a knock-on effect on commodity prices and heavyweight mining counters on the local bourse. Platinum, palladium and gold were down, last trading 1.66%, 2.35% and 1.73% in the red at $1,765.93/oz, 2,027,72/oz and $1,041.68/oz respectively.
Oil slipped 0.67% to last trade at $84.34 after it threatened $86 a barrel. Energy counters Montauk and Sasol gained 4.75% and 1.35% respectively. The higher oil price is bad news with motorists, with the Central Energy Fund’s mid-month data indicating a possible increase of between 95 cents and 98c a litre for petrol and over R1.40 a litre for diesel.
The biggest drags on the bourse were diversified industrial miners Anglo American (-3.18%), Thungela Resources (-2.79%), Exxaro (-2.33%) and ArcelorMittal (-2.30%). Platinum and gold counters also lost ground, with Angloplat giving up 2.27%, Sibanye Gold 1.91% and DRDGold 1.33%.
Tech heavyweights Naspers (-0.74%) added to the gloom, while subsidiary Prosus gained 0.23%.
Among the winners were tech consultancy PBT Group, which surged over 60% amid a booming demand for data and analytics services, software development, cloud computing and insurance technologies.
Other gainers included Steinhoff (+7.33%), Ascendis (+6.19%), City Lodge (+6.43%) and PSG Konsult (+3.77%).
In the currency markets, the rand clawed back some earlier Chinese-induced losses to trade back below the R14.70-level against the US dollar. At last count the local unit was changing hands at R14.67/$. With little in the way of top tier data out this week, the rand will be looking for direction from local consumer inflation numbers out on Wednesday.
Meanwhile, Bitcoin is racing towards a new record, with the largest cryptocurrency gaining as much as 5.5% to trade just under $62,000 at lunchtime in New York.
Indicators as at 17:00
Currencies
USDZAR 14.6889
EURUSD 1.1599
EURZAR 17.0326
GBPUSD 1.3717
GBPZAR 20.1427
AUDZAR 10.8827
CADZAR 11.8720
CNYZAR 2.2835
ZARJPY 7.7764
CHFZAR 15.8923
USDAOA 597.00
Bonds and equities
R186 8.00%
US 10 Year 1.59%
JSE 0.02%
FTSE -0.32%
S&P 500 0.00%
Commodities
Gold $1 770.16
Plat $1 039.49
Plad $2 037.27
Rhod $14 190.00
Irid $4 590.00
Ruth $648.00
Copp $10 499.95
Brent $84.59
Iron Ore 62.5% $123.19
Coal API4 $245.75
Gold ZAR R25 990.37
Plat ZAR R15 262.31
