Push and pull
The local equity market closed marginally (-0.03%) in the red yesterday (12 July) with financial and mid cap stocks doing their best to push the JSE to a new record high, but resources, the heavyweights, had other ideas.
The Efficient Group reports that Firstrand were the leader climbing 4.71% with Nedbank (2.29%), Standard Bank (1.62%) and RMB Holdings (3.99%) following suit. Anglo American (-2.31%), BHP Billiton (-1.88%) combined with Gold Fields (-2.85%) and Harmony (-2.58%) to ensure the market close in the red.
The performance of the equity markets should be seen in the light of the movements of the currency which continue to pummel the dollar (-15 cents) and given some pain to the euro (-9 cents) and the pound(-15 cents) yesterday.
The next hurricane arrived off the coast of America, with the resulting rise in oil prices (2.39%). US markets closed flat as the oil price depressed sentiment on the markets. European markets closed lower as bomb blast in Spain caused renewed concern in Europe.
The Nikkei opened higher this morning but has slipped back through the day as the high oil prices took effect. The Hang Seng is trading higher ignoring the high oil price while the market awaits the earnings release from HSBC next week.
Locally we could expect a weaker day especially if the currency continues to fight back, although this is not expected.
Business Day:
* Ailing life sector under fire from all sides – report
* Mortgages up R10bn on property bonanza
Business Report:
* DRDGold digs deep to save Emperor mine
* Listed property makes 16.6% return
Sake-Beeld:
* IDC belê in vervoer na en van Gautrein
* ‘ENB as teiken’ laat FirstRand-prys wip
Moneyweb:
* Investec “must pay”
* Competition Commission enters the fray
