Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

JSE eases as investors take profit

16 February 2018 4:41 PM
124 0

Cape Town - JSE eased on Friday as investors took profit after the biggest one-day rally in three years.

The All-Share consolidated was down 0.69%, the blue-chip Top 40 down 0.86%, financials down 1.18% and industrials down 0.56%.

It was a mixed day for retail stocks as Lewis [JSE:LEW] and Italtile [JSE:ITE] closed higher, up 6.71% and 6.33% respectively, while Mr Price [JSE:MRP] and Clicks [JSE:CLS] shed 3.0% and 3.43% on the day.

Other noticeable moves saw Murray & Roberts Holdings [JSE:MUR] climb 8.93%, while Kumba Iron Ore [JSE:KIO], once a market favourite, dropped by 4.24%.

Resilient [JSE:RES] and Nepi Rockcastle's [JSE:NRP] pain continued, as they ended the week lower, down another 10.03% and 6.08%.

The local currency was trading cautiously ahead of newly-elected President Cyril Ramaphosa’s State of the Nation Address on Friday night and next week’s budget speech. We saw the rand trading at R11.66 to the dollar, R16.38 to the pound and R14.54 to the euro.

Commodity prices traded mixed on the day, as the US dollar index rebounded from a three-year low earlier in the session off the back of strong US housing data.

Gold was trading higher at $1 356.96 per ounce, silver at $16.82 per troy ounce and platinum trading at $1 007.66 per troy ounce.

Oil prices stabilised on Friday, as expectations for further efforts to limit global supply continued to offer support at these levels, offsetting concerns about rising US crude production.

Brent Crude is currently trading at $64.83/bbl and WTI trading at $61.25/bbl.

It was a quiet day for Asian equities as most markets were closed for the Lunar New Year holiday, Japan’s Nikkei was up 1.19% on the day, and 1.58% for the week, after Haruhiko Kuroda was nominated to lead the Bank of Japan for another five-year term.

Elsewhere, European markets continued to rally as investor confidence rose amid strong earnings, the DAX was higher by 0.82%, the CAC-40 by 1.04% and the FTSE by 0.86% at the time of writing.

US stocks opened mixed, before edging higher as the Dow, S&P 500 and Nasdaq tried to record their best weekly gain in five years, rebounding sharply from the correction levels seen last week.

Bitcoin climbed above $10 000 in intraday trade, as regulatory fears faded after South Korean officials seemed to pivot towards a more "friendly" regulatory approach of the crypto industry.

Bitcoin is currently trading at $10 052, up 2.20%, while, Ethereum was down roughly 0.47%, trading at $933.

Source: fin24.com

Share in social networks:

Comments - 0