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All-share index softer after mixed session

The all-share index eventually closed weaker on Tuesday following a mixed session in which the local bourse swung between gains and losses.

Most global markets remained in the red due to the negative sentiment which carried over from Monday's slump. With fears over the spread coronavirus still rife, there is a tentative approach for riskier assets such as stocks.

The Japanese Nikkei resumed trading today and tumbled 3.34%, while the Shanghai Composite Index lost a more modest 0.22%. The Hang Seng inched up 0.27%. Losses were recorded across all the major European bourses however the losses were more modest in comparison to the prior session.

Locally, market participants shift their attention to South Africa's budget speech which is slated for Wednesday at 14:00. Of more significance will be how Moody's Investors Services rates South Africa's sovereign rating given that it recently downgraded its GDP forecast.

The rand is still trading softer due to the stronger US dollar, and in today's session it slipped to a session low of R15.24/$. At 17:00, the rand was trading 0.41% softer at R15.19.

On the JSE, Curro Holdings [JSE:COH] tumbled following the release of its full-year results which showed a decline in earnings. Stadio Holdings [JSE:SDO] also came under significant pressure as it lost 13.33% to close at R1.56. The share closed 7.78% to close at R12.45. SA Corporate Real Estate [JSE:SAC] fell 8.37% to close at R2.08, while Fortress REIT [JSE:FFB] lost 8.22% to end the day at R5.25.

Sibanye Stillwater [JSE:SSW] fell as low as R37.51 before it settled 5.67% lower at R39.60. Packaging specialist Nampak [JSE:NPK] dropped 6.62% to close at R4.23, while KAP Industrial Holdings [JSE:KAP] fell 5.98% to close at R3.30.

Shoprite [JSE:SHP] had a volatile session which saw the share reach a session high of R117.00 before it fell to close 2.17% lower at R103.60. Losses were also recorded for index heavyweights such as Vodacom [JSE:VOD] which dropped 1.28% to close at R114.64, and Reinet Investments [JSE:RNI] which closed at R330.72 after losing 1.13%.

Steinhoff International [JSE:SNH] close amongst the day's biggest gainers after the share surged 7.45% to close at R1.73. UK focused listed property firm, Hammerson [JSE:HMN] rose 5.58% to close at R44.85, while its sector peer Intu Properties [JSE:ITU] added 4.48% to close at R2.80.

Index giant Naspers [JSE:NPN] gained 2.17% to close at R2 606.96, while diversified miner Anglo American [JSE:AGL] rose 1.75% to close at R387.14. Kumba Iron Ore [JSE:KIO] managed to post gains of 0.95% to close at R331.12, while Richemont [JSE:CFR] gained a modest 0.49% to close at R108.01.

Thanks to gains in some of the index giants the JSE Top-40 index eked out gains of 0.04%, however the broader JSE All-Share index shed 0.13%. The Industrials index managed to post gains of 0.45%, but the financials and resources indices retreated 1.08% and 0.27% respectively.

Brent crude traded mostly flat on the day and it was recorded trading 0.38% softer at $55.56/barrel just after the JSE close.

At 17:00, palladium was up 2.33% at $2689.32/Oz, platinum was down 0.85% at $955.12/Oz, and gold was 0.62% softer at $1651.53/Oz.

JSE winners and losers, February 25, 2020.

*Musa Makoni is a trading specialist at Purple Group.

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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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