The JSE ended the day and the week lower, with a weaker rand giving the market much of its direction on Friday.
The rand had lost 0.91% to R13.3789/$ as the JSE closed, reacting to much better than expected US jobs numbers. US employers added 304,000 jobs in January, well ahead of market expectations of 174,000.
The data also showed a record 100th consecutive month of wage growth in the world's largest economy, reported Dow Jones Newswires.
The all share fell 0.42% to 53,930.1 points and the top 40 lost 0.54%. Industrials gave up 0.96%, banks 0.77% and property stocks 0.42%. Gold miners added 1.84%. The all share ended the week 0.22% lower, but is up 2.26% so far in 2019.
Global equity markets surged in January, but signs of slowing global growth continue to concern many investors. On Friday, markets were digesting yet another disappointing data release from China, where unofficial manufacturing production data undershot expectations in January, falling to a three-year low.
A UK purchasing manager’s index (PMI) for the same month also disappointed, while the Absa PMI for SA fell to 49.9 index points in January, from December’s 50.7.
US-China trade war developments are expected to continue to provide a catalyst for market activity. Both US and Chinese officials have reported progress in talks that concluded on Thursday, while US President Donald Trump has said he intends to meet Chinese President Xi Jinping soon, to try to finalise a deal.
US corporate earnings are also in the spotlight, with Twitter and Google due to release results in the week ahead. There are few major local data releases to give the market direction next week, although the South African Chamber of Commerce and Industry business confidence index for January is due on Monday.
Diversified miner Glencore fell 1.3% to R53.06.
ArcelorMittal gained 6.81% to R3.45, after it said it expected to report on Thursday that its basic earnings per share for the year to end-December would be about R1.25, a recovery from the prior year’s R4.69 loss per share.
Trading ex-dividend, Pioneer Foods fell 0.62% to R79.
Rand hedge British American Tobacco gained 1.96% to R475, AB InBev 1.83% to R1,025.40 and Richemont 1.15% to R91.85.
Sibanye-Stillwater jumped 7.56% to R12.10.
Net1 slumped 16.41% to R40, extending Thursday's 24.65% slide, after it warned the loss of its social grants contract would have severe financial implications. This followed an unfavourable court ruling.
Shortly after the JSE closed, the Dow was up 0.2% at 25,050.68 points, while in Europe, the FTSE 100 had gained 0.4% and the CAC 40 0.26%, while the DAX 30 had lost 0.15%.
At the same time, gold was down 0.37% at $1,316.81/oz, while platinum had added 0.7% to $827.58. Brent crude was 0.79% higher at $61.56.
Correction: February 4 2019
An earlier version of this article said ArcelorMittal would narrow its loss, when it fact it will return to profit.
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