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JSE recoups some losses

Despite continued weakness in some Asian markets.

JOHANNESBURG – The local bourse clawed back some of its losses on Tuesday, despite continued weakness in certain Asian markets.

After closing 2.85% lower on Monday, the JSE All Share Index (Alsi) ended the day 2.83% higher at 48 980.84 points on Tuesday. The Top40 index was up 3.06% at 43 439.05.

While the financial and industrial indices added 3.51% and 3.38% respectively, the gold and resources indices were under pressure and shed 12.22% and 1.08%.

MTN’s share price improved 5.07% tot R176.25, Naspers gained 7.47% to R1 726.62, BHP Billiton 0.97% to R206.79, Shoprite 4.26% to R162.22 and Imperial 13.24% to R177.90.

AngloGold Ashanti shed 10.6% to reach R102.81, Gold Fields fell 14.81% to R40.38 and Harmony Gold 14.53% to R12.18.

In an early morning note, NKC Research said, “broader emerging market equities were dragged lower [on Monday] due to contagion fears as wheels from China’s growth train start falling off”.

The “MSCI Emerging Market Index was off almost 5% yesterday after Chinese stocks (listed in Shenzhen and Shanghai) suffered [its] biggest 1-day fall since February 2007”, it said.

On Tuesday the Shanghai Composite Index was down 7.6% to 2 964.97 points with the Nikkei 3.96% lower. The Hang Seng recovered slightly.

Despite pressure on certain Asian markets, RMB Global Markets said the global rout was probably starting to fade and it expected some stability to return to global markets.

“This should allow the rand to stabilise and take stock,” it said.

The local currency firmed 1.78% to R12.98 to the dollar and 2.15% to the pound to reach R20.35. It was 3.28% firmer against the euro at R14.81.

In a statement released on Monday the South African Reserve Bank said in the event of developments that threaten the orderly functioning of markets or that may have financial stability implications, it may consider becoming involved in foreign exchange markets to ensure orderly market conditions.

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