JSE dips on profit taking

operator. The deal is esti­mated to be worth around R4,8 billion.
However, Santam’s stock price provided a bright spot, however, as it continued to rally.
The short-term insurer declared a special dividend of 850 cents per share this week.
At noon local time, the JSE all share index was off 0,66 percent to 34 070,53 points, with gold miners 1,06 percent weaker, resources down 0,83 percent and platinum miners shed­ding 1,20 percent.
Banks dropped 1,27 percent, with industri­als down 0,53 percent, and finan­cials 0,71 percent in the red. The rand was at R7,48/$ from R7,49/$ at the JSE’s close on Thursday. Gold was quoted at US$1 713,42 a troy ounce from US$1 709,08 per ounce at the JSE’s previous close, while platinum was at US$1 701,50 per ounce, from US$1 687 per ounce.
“There isn’t anything outstanding that one can attach to the pullback we are seeing at the moment.
“The spot price of Brent crude over the US$127 per barrel remains a concern for investors and global economic growth,” said David Shapiro, director at Sasfin Securities.
European stock markets traded cautiously higher last Friday with banks and utilities post­ing strong gains on Goldman Sachs’ bull­ish call on both sectors, but gains were tem­pered by the ongoing European Union lead­ers’ summit and weak economic data from the region, Dow Jones Newswires reports.
London’s FTSE 100 index was down 0,12 percent to 5 923,91 at noon local time.
Banks and utilities stocks rose after Gold­man Sachs raised both sectors to overweight from neutral.
For banks, Goldman said despite the recent strong performance, there was more upside for the sector.
“The European Central Bank’s long-term refinancing operation funding has improved liquidity and will help sector pre-provision profits, while banks still trade at a reason­able multiple of book value,” said Goldman.
Despite the brighter message by Gold­man, investors demonstrated reluctance to build gains as the second day of the EU lead­ers sum­mit resumes last Friday.
Eurozone finance ministers said on Thurs­day they were ready to give Greece money from a new bailout — provided a bond swap that will cut the debt Greece owes its private credi­tors by more than EUR100 bil­lion goes accord­ing to plan this week.
In Asia, Hong Kong’s Hang Seng Index ended 0,8 percent up, while the Shanghai Composite Index rose 1,4 percent and Japan’s Nikkei Stock Average rose 0,7 per­cent.
On the JSE, Anglo American was R3,12 weaker at R317,15 and BHP Billiton shed R2,26 to R243,89 while Sasol edged up 40 cents to R403,39.
Anglogold Ashanti declined R3,85 or 1,21 percent to R313,90, while Gold Fields relin­quished R1,33 or 1,15 percent to R114,50.
Among platinum miners, Amplats fell R8,57 or 1,47 percent to R574,58, while Impala Plat­inum was R1,68 or 1,01 percent in the red at R164,45. In industrials, Bidvest was down R2,11 or 1,20 percent to R173,79 and Bar­loworld lost 93 cents or 1,05 percent to R87,82.
MTN was down R2,04 or 1,49 percent to R134,46 and Telkom dropped 56 cents or 2,21 percent to R24,78.
In financial services, Standard Bank dipped R1,45 or 1,31 percent to R109,65 and Absa was R1,75 or 1,09 percent lower at R158,75.
Santam garnered R2,59 or 1,53 percent to R172. — I-NET BRIDGE.