JSE remains softer at noon on China

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JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

The JSE share market remained softer at noon on Friday in line with leading global markets after worse-than-anticipated China trade data for July triggered some profit taking in so called growth or risky assets.

“Trade volumes remain light‚ with lack of news flow to drive market sentiment save for China's trade balance data‚ which showed signs of continued slowdown in its economy. Commodity prices as a result are trading lower from Thursday’s levels‚” said Satish Gosai‚ head of dealing at Kagiso Asset Management.

China's trade surplus in July came in narrower than expected at US$25.1bn from $31.7bn in June‚ falling short of a median $35.2bn forecast by economists in a Dow Jones Newswires survey.

Exports rose 1.0% in July from a year earlier‚ worse than June's 11.3% rise. Imports rose 4.7% from a year earlier‚ down from the 6.3% rise in June.

At 12.51pm local time the JSE all-share index was 0.27% lower at 35‚398.76 points‚ with platinum shares the worst performing sector‚ down 1.71%‚ while gold stocks bucked the trend‚ climbing 1.22%.

Among local movers‚ Sasol (SOL) gave up R6.26‚ or 1.78%‚ to R344.54 after the petrochemical giant on late Wednesday issued a trading update that fell below analysts’ estimates.

Aquarius Platinum (AQP) was up 10 cents‚ or 2.15%‚ to R4.75.

In industrials‚ SABMiller (SAB) was down R5.77‚ or 1.59%‚ to R356.16 but Richemont (CFR) added 70 cents‚ or 1.40%‚ to R50.65. - I-Net Bridge

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