Market Wrap

The JSE is back in the red, slumping 1.49% as it tracked losses in Asia as a rally in Chinese tech companies ran out of steam and as delta worries and fading stimulus cast doubt over the global economic recovery.  A rout in the commodities market hit mining counters hard, with mining and metals counter South32 (-8.08%) leading the losses. Sibanye Stillwater lost 3.29%, Harmony 4.20%, …

Market wrap: JSE slumps 1.49% as delta casts doubt over global recovery Read More »

The JSE tracked Asian markets higher, breaking a four-day losing streak to close 0.39% higher at 66514.91 points.  Market heavies Naspers (+1.78%), Prosus (+2.06%), Richemont (+2.03%) and Capitec (+2.45%) all pulled their weight, while bargain-hunters boosted Steinhoff (+7.93%) after yesterday’s selloff.    Retailers Shoprite (+2.57%), posting upbeat results, and Woolworths (+0.37%) gained.  Economic data showed GDP growth expanded 1.2% in the second quarter, beating expectations as activity picked amid relaxed Covid-19 restrictions. This follows the slight improvement in consumer confidence in the third quarter despite the riots and …

Market wrap: JSE breaks 4-day losing streak as market heavies pull their weight Read More »

The JSE ended slightly in the red with mining stocks losing their shine while tech counters sparked.   Bytes Technology jumped more than 8% to trade close to its 52-week high, while Naspers added 2.63% amid a 3.5% gain in Tencent on reports that it plans to launch a WeChat personal cloud service. Naspers holds a 29% stake in the Chinese tech giant through its subsidiary Prosus (+1.76%).  …

Market Wrap: JSE slips as mining losses dull tech gains Read More »

The JSE ended the week on a soar note, tracking a slump in US stocks following the US jobs shocker. Not even a surge in mining stocks could keep the JSE from dipping 0.42% into the red as heavyweight rand-hedges weighed on the market.  The rand raced through R14.30, strengthening more than 1% against the US dollar following a massive …

Market Wrap: JSE slips but rand runs on US jobs shocker Read More »

Mining counters weighed heavily on the local stock performance, dragging the main JSE All Share index 0.48% into the red.  Implats (-6.86%) took a beating despite tracking Angloplat and Sibanye Stillwater in record payouts to investors and propping up government coffers with about R13bn by announcing a fourfold increase in its final dividend to R9.8bn or R12 a share. Annual profit almost tripled to R47bn. CEO Nico Muller, however, cautioned that the palladium supply deficit may persist until around 2025 and …

Market Wrap: Miners drag JSE into the red Read More »

In a reversal of fortunes, the JSE ended the day up 0.54% after Naspers gained 6.44% and its subsidiary  Prosus 5.26% after the Dutch e-commerce group and Tencent investor placed its bet on India as the next big tech market. Prosus paid $4.7bn (about R70bn) for Indian payments business BillDesk in its largest deal ever. Financial and …

Naspers anchors gains on festive JSE, while rand remains robust under R14.50/$ Read More »

Another blow to Chinese tech giant Tencent hit JSE heavyweights Naspers and Prosus, helping the local bourse to a negative 0.86% close. Naspers, which has a 29% exposure to Tencent through its subsidiary Prosus slumped 3.01% and the latter 3.51% after the Chinese government, in a dramatic escalation of restrictions on the gaming sector, announced …

Market Wrap: JSE ends in the red as bourse catches Chinese clampdown fever Read More »

The JSE ended a volatile week in the green, gaining 0.86% as mining counters stepped into the limelight as metals prices surged following Federal Reserve Chair Jerome Powell’s assurance to the market that the withdrawal of stimulus would be gradual. Bloomberg reports Powell said the central bank could begin reducing its monthly bond purchases this …

Market Wrap: JSE, rand end week on high on dovish Fed talk Read More »

The JSE retreated 0.57% amid a slide in industrial heavyweights and diversified miners, with automotive giant Motus (-2.67%), shipping group Grindrod (-3.94) and paper maker Sappi (-2.34%) leading the losses. Anglo American and BHP both lost over 1%, with Naspers (-1.45%) and subsidiary Prosus (-0.96%) adding to the gloom. Sibanye Stillwater also dipped 1.36% despite …

Market Wrap: JSE retreats, while rand holds ground under R15/$ ahead of Powell speech Read More »

The JSE ended flat as increases in heavyweight industrial stocks balanced out losses in mining stocks. Automotive giant Motus surged 7.15%  and ecommerce and internet giant Naspers gained 2.91%. A slide in PGM prices (platinum and palladium both dipped 1% to &992 and $2,435 respectively) and a drop in the gold price to $1,785/oz weighed …

Market Wrap: JSE flat as jump in industrials counter mining losses Read More »