The JSE was weaker at midday on Friday after broad-based losses‚ as a sharp weakening in the US bond market encouraged risk-off trade.
US bonds spiked to three-year highs as the market repriced assets ahead of further expected interest-rate increases in the US.
Capitec and PSG were higher‚ but Naspers came under renewed selling pressure. Those sectors with sizeable foreign shareholding‚ such as banks‚ retailers and property stocks were on the back foot following a subdued close on the Dow on Thursday.
Asian markets ended the day generally weaker‚ with metal prices trending lower in a weaker rand environment. Rand hedges picked up after the rand hit R12 to the dollar‚ as the greenback recovered from weaker overnight levels against the euro.
The property index‚ comprising mostly real-estate investment trusts (reits)‚ is now 16.5% lower in 2018‚ with stocks in the Resilient stable still hard hit amid unconfirmed reports of short-selling by US hedge funds. Resilient indicated that it would communicate with the market in a Sens announcement on Friday.
At 12.09pm the all share was 0.81% weaker at 58‚781.20 and the top 40 was down 0.91%. The property index shed 3.01%‚ general retailers 1.75%‚ financials 1.17%‚ industrials 1% and banks 0.95%.
PSG rose 3.94% to R233.61 and Capitec 6.2% to R897.39.
Barclays Africa dropped 2.25% to R179.37 and FirstRand 1.88% to R65.74.
Steinhoff was 1.48% lower at R6.65.
Resilient shed 1.01% to R106.72‚ Fortress B 7.69% to R24.60 and Nepi Rockcastle 5.76% to R131.
Naspers lost 1.81% to R3‚253. – BusinessLIVE
Source: TMG Digital.
