The JSE was dragged lower by weaker world equity markets on Thursday as investors looked to cash in their recent gains.
The all share index finished 0.37% lower at 49‚454.59 points‚ retreating from the record highs of 49‚885.84 struck earlier in the session. The blue-chip top 40 index lost 0.31%.
“The markets needed an excuse to pull back after the recent steady stream of gains,” Investec Asset Management’s head of dealing for emerging markets, Ryan Wibberley, said.
Bellwether stock Wallmart came out with a disappointing set of quarterly results, triggering some profit taking on Wall Street.
Platinum and financial stocks led the broad-based market declines as they lost 1.20% and 1.16% respectively. Heavily weighted luxury goods maker Richmont (CFR) bucked the weaker trend though, as it rallied more than 4% following the well-received year-end results.
Leading European share markets were decidedly weaker in late trade, with London’s FTSE 100 losing 0.63% while the Dow Jones industrial average was off 0.89% in early trade
Among individual shares on the domestic equity market, Sasol (SOL) was off 1.58% to R589.03, with African Rainbow Minerals (ARI) losing 1.91% to R200.09.
Richemont (CFR) was the best performer among the top 40 index, surging 4.15% to R105.55, following its full-year results. A dividend of 1.40 Swiss francs was declared, up 40% from the previous dividend of 1 Swiss franc in 2013, well ahead of market expectations.
AngloGold Ashanti (ANG) was off 1.55% to R175.84‚ with Anglo American Platinum (AMS) shedding 2.68% to R477.95 and Lonmin (LON) giving up 2.69% to R44.20.
African Bank Investments (ABL) recovered 2.31% to R8.43 to trim its losses in May to 32%.40%.
Old Mutual (OML) lost 3.76% to R34.78 despite releasing first-quarter data showing gross sales were up 24%. Nedbank (NED)‚ of which Old Mutual owns 55%‚ lost 1.01% to R226.22.
Foschini Group (TFG) was off 2.24% to R110.62‚ with Lewis (LEW) giving up 2.24% to R62.80.
Naspers (NPN) took a breather after its strong climb on Wednesday‚ softening 3.31% to R1150.05.
Tiger Brands (TBS) was up 3.92% to R287.67 following its trading update.
The consumer group anticipates its headline earnings per share from continuing operations in the six month to March to rise by between 5% and 9% from a year ago.