[2008-10-13]  JSE down on poor global markets
THE JSE closed in the red on Friday, ending a day of volatile and uncertain trade.

Local markets continued to follow overseas bourses, which were still trading in negative territory. Although it closed down, the JSE did manage to come off the day’s lowest levels.

When markets opened on Friday morning, the JSE was trading more than 4% lower and within minutes fell by more than 5%. However, by midday it managed to gain some momentum and come off its low opening levels. Traders maintained there was still complete volatility and lack of confidence in the market.

“Markets closed down … and that is on the movement of overseas markets which traded in the negative," a trader said.

At 5pm, the JSE all share index was 3,09% lower, with resources falling 2,20%.

Platinum stocks lost 0,28% while gold miners jumped 10,14%.

Industrials gave up 3,34%, financials were 4,49% weaker and banks shed 3,38%.

Anglo American (AGL) was down R9,11, or 3,83%, to R229 and BHP Billiton (BIL) lost R7,75, or 4,78%, to R154,25.

ArcelorMittal (ACL) shed R13,01, or R11,62%, to R98,99. Sasol (SOL) fell R15,05, or 5,72%, to R247,95.

Among gold miners, AngloGold (ANG) jumped R18,37, or 11,26%, to R181,49 and Harmony (HAR) gained R6,50, or 7,47%, to R93,50.

Gold Fields (GFI) was up R8,81, or 11,33%, to R86,55. The gold miner announced that its attributable production for the first quarter of financial 2009 is expected to be approximately 798000 ounces — 2,7% lower than the guidance provided on August 1 this year, which indicated production of 820000 ounces. This is due mainly to a slower build-up of production at Cerro Corona, it said.

Platinum miner Anglo Platinum (AMS) gave up R41, or 6,17%, to R624, Lonmin (LON) dropped R5, or 1,99%, to R246 while Impala Platinum (IMP) came up R5,50, or 3,87%, to R147,50.

Among other miners, African Rainbow (ARI) lost R6, or 4,62%, to R124 and Kumba Iron Ore (KIO) was down R10, or 7,14%, to R130.

Financial services group Old Mutual (OML) dropped R1, or 8,33%, to R11 while Sanlam (SLM) lost 50c, or 2,97%, to R16,35.

Among bankers, Standard Bank (SBK) lost R2,59, or 3,36%, to R74,41, Nedbank (NED) shed R4,98, or 5,35%, to R88,02, Absa (ASA) gave up R5,49, or 5,63%, to R92,01 and FirstRand (FSR) shed 47c, or 3,14%, to R14,52.

Investec (INL) lost R2,80, or 6,25%, to R42 while RMB Holdings (RMH) was up 34c, or 1,50 %, to R22,99.

Among industrials, brewer SABMiller (SAB) fell R9,15, or 5,97%, to R144, Bidvest (BVT) shed R1,50, or 1,56%, to R94,50 and Remgro (REM) was off R10,60, or 5,97%, to R167.

Among telecommunications groups, MTN (MTN) lost R5,55, or 5,23%, to R100,50 while Telkom (TKG) gained 19c to R108,50. Earlier on Friday shares in the group jumped more than 4% as investors welcomed news that it would score R22,5bn for the sale of 15% stake in cellular operator Vodacom.

Near-dated futures ended weaker but far from the day’s worst levels, tracking the global stock market rout amid the financial sector turmoil and worries about the world economy, traders said.

The near-dated Alsi contract ended down about 2,12%, to 19305 after tumbling nearly 5% in early deals.


A total of 59369 Alsi contracts changed hands compared with 49943 on Thursday, a Safex official said.

Dow Jones Newswires reports that the stock market crash continued on Friday as the Dow Jones industrial average fell by more than 350 points and headed for the worst week in its 112-year history. I-Net Bridge

The Dow fell by more than 600 points after the open, and then briefly popped into the green led by a bounce in the financial sector.

Source: Copyright © 2005 BDFM Publishers (Pty) Ltd.