Wed, 18 Sep 2019

Retailers struggle as JSE closes weaker

News24
21 Aug 2019, 04:13 GMT+10

The JSE closed softer on Tuesday as a broad-based selloff saw most global equity markets retreat in Tuesday.

Although modest, the local bourse gave back some of the gains from the prior session as all the major indices traded softer. Earlier in Asian markets trading the Shanghai Composite Index only shed 0.09% while the Hang Seng lost 0.23%. The Japanese Nikkei managed to post gains of 0.55%. In Europe, the trend was mostly lower on the day with all the major indices trading softer on the day.

On the JSE, Shoprite [JSE:SHP] came under pressure following the release of its full-year results, which despite some positives from the South African market showed significant losses from its non-SA business. The stock fell to end the day 9.25% lower at R126.86. The pressure on Steinhoff International [JSE:SNH] continues to mount as it hit a new all-time low of R0.87 in today's session before closing 5.05% weaker at R0.94.

Other retailers also struggled on the day with losses being recorded for Pick n Pay [JSE:PIK] which lost 5.71% to close at R56.84, Woolworths [JSE:WHL] which dropped 3.41% to close at R52.10, and Truworths [JSE:TRU] which closed at R51.90 after falling 3.03%. BHP Group [JSE:BHP] came under pressure despite releasing a relatively solid set of full-year financial results. The miner eventually closed 2.66% lower at R323.32.

Gold miners on the JSE found some momentum in today's session as gains were recorded for Gold Fields [JSE:GFI] which gained 5.13% to close at R85.63, while Harmony Gold [JSE:HAR] was buoyed by the release of its full-year results which showed a decrease of 50% in loss per share which lifted the stock to R47.02 after it gained 3.82%. Curro Holdings [JSE:COH] was one of the day's biggest gainers after the stock surged 5.78% to close at R20.69, while African Rainbow Minerals [JSE:ARI] advanced 2.335 to end the day at R164.25.

Other significant gainers on the day included Sappi [JSE:SAP] which gained 1.23% to close at R44.57, Anglo American Platinum [JSE:AMS] which added 1.96% to close at R816.67, and Brait [JSE:BAT] which closed at R14.34 after gaining 2.14%.

The JSE All-Share index closed 0.38% lower while the JSE Top-40 index shed 0.4%. All the major indices closed softer on the day. Resources fell 0.64%, Industrials dropped 0.31%, while the Financials index closed flat.

The rand traded mostly firmer on the day as it advanced against the greenback. At 17.00 CAT, the rand was trading 0.77% firmer at R15.33/$.

Brent crude traded mostly softer as it was recorded trading 0.87% weaker at $59.24/barrel just after the JSE close.

At 17.00CAT, Platinum was down 0.42% to trade at $847.95/Oz, Palladium was up 0.65% to trade at $1490.10/Oz, and Gold had risen 0.46% to $1502.92/Oz.

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