S. Africa’s JSE closes lower, pulled by industrial, resources stocks

stock market
stock market

Share prices on the Johannesburg Stock Exchange (JSE) closed lower on Monday, pulled down by big industrial stocks and resources.

The JSE’s all share index was down 0.03 percent at 57,997.33 points at the close of the session, as industrials dropped 0.05 percent and big diversified miners recovered 1.15 percent, after recording losses over the past two weeks.

Steinhoff International rebounded after the embattled retailer fights to calm market nerves amid the accounting scandal that has led to the resignation of its CEO Markus Jooste.

On Monday, the JSE said it had launched an investigation to determine if Steinhoff International had breached its listing requirements.

Steinhoff has been rocked by an accounting scandal, which wiped off as much as R215 billion of its market value in a week. The local bourse operator also said in the statement it “would stick to its original decision not to suspend trading in Steinhoff shares,” indicating that the company had disclosed as much price sensitive information as it was able to.

Banks dropped 2.72 percent, as retailers lost 1.40 percent ahead of the ANC’s elective conference, which begins this weekend.

BHP was up 1.98 percent to R250.42 and Anglo American 2.77 percent to R254.93.

Packaging, paper and pulp group Mondi plc was up 2.44 percent to R315.99, while Sappi dropped 1.15 percent to R97.15.

British American Tobacco added 1.19 percent to R910.69.

Steinhoff International added 55.83 percent to R9.35, after dropping 89 percent over the past week, but Steinhoff Africa Retail was down 3.83 percent to R16.83.

Shoperite lost 4.23 percent to R16.76 and Clicks Group 2.42 percent to R174.67.

Barclays Africa shed 4.13 percent to R150.5, while Investec plc gained 2.32 percent to R86.97.

Sanlam slipped 1.87 percent to R76.62, Coronation 2.64 percent to R67, and Brait 3.61 percent to R37.69.

Life Healthcare gave up 2.37 percent to R25.94 and Aspen lost 0.56 percent to R286.02.

Technology group EOH regained 8.54 percent to R51.58. Enditem

Source: Xinhua/NewsGhana.com.gh

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