After running hard for the past three days, the JSE stumbled.
It slid “more than 1%” as investors banked their profits “on a recent rally in resource companies,” says MoneyWeb
. This includes Impala Platinum and Assore.
The morning started off well as “the All Share Index rallied to record level,” reports I-Net Bridge
. But then profit taking took over.
The JSE All Share Index dropped 1.18% and the JSE Top 40 Index shed 1.23%.
But in spite of the losses for the day, Mediclinic had other ideas.
Mediclinic International rose 2.7%, adds MoneyWeb
. This followed news that the private hospital group will enter the MSCI Emerging Markets Index.
And in spite of a market fall, gold still shone
Gold miners also did well today. The gold mining index ended up 0.58%‚ says I-Net Bridge
. That was the only index to “end the day in positive territory”.
Paul Hansen of Stanlib said the pullback was a consequence of such a “strong run in recent days,” reports BDLive
. And this isn’t just the case for SA, “global equity markets have had a good run”.
Since the start of 2013, the All Share “has added 8.3%,” says BDLive
. The FTSE 100 has risen 9.63% and the Dow Jones industrial average is up an impressive 15.63%.
And the JSE wasn’t the only one in the red today, the FTSE 100 closed 1.58%, and the US markets were also feeling the strain.
But profit taking is not the only thing to blame. With more positive data coming out of the States, markets are jittery about what lies in store with the Fed’s stimulus programme.
Let’s see if the JSE makes up some ground tomorrow.