JSE stocks tumble
Equities collectively pulled back by 1.0 per cent on Monday with news of the Wigton Windfarm initial public offer (IPO) with 40 stocks declining on the day.
Wigton, the renewable energy company held by state agency PCJ, will open its IPO next week and offer 11 billion units at $0.50. Investors customarily sell shares on the market in order to make funds available in their brokerage account for the IPOs.
On Tuesday, market activity resulted from trading in 58 stocks of which 13 advanced, 40 declined and 5 traded firm. The top advancing stocks included Stanley Motta up 11 per cent to close at $5.00 followed by Jetcon up 4.5 per cent to close at $2.52. Leading declines was Lasco Financial, down 9.0 per cent to $4.55.
The JSE Combined Index declined by 3,632.88 points (0.93 per cent) to close at 385,728.26.
The JSE Index declined by 3,159.78 points (0.82 per cent) to close at 383,733.81. The Junior Market Index declined by 66.35 points (2.15 per cent) to close at 3,024.91. The JSE USD Equities Index advanced by 0.98 points (0.56 per cent) to close at 177.15. The JSE Financial Index declined by 0.06 points (0.06 per cent) to close at 97.65.
Market volume amounted to 4,190,244 units valued at over $48.2 million. Fontana was the volume leader with 570,776 units (13.6 per cent) followed by Supreme Ventures Limited with 506,307 units (12.1 per cent) and Carreras Limited with 426,886 units (10.2 per cent).