The JSE struggled to find a clear path on Thursday as the main constituent sectors pulled in different directions.
Mr Price was the centre of attention as the retailer dropped another 11%‚ bringing losses to 27% since Wednesday‚ when it issued a disappointing trading update.
The plunge in the stock price reflected negatively on the retail sector‚ although Woolworths bucked the trend.
Platinum stocks‚ however‚ outperformed‚ thanks largely to well-received financial results from Impala Platinum‚ which drastically cut its full-year loss.
The all share index was relatively flat‚ up 0.07%‚ at 52.771.80 points at lunchtime‚ with the top 40 nudging up 0.18% as the platinum index rallied 5.28%.
story_article_left1
"Mr Price is still falling on its sword and the rand-hedge stocks may be feeling some of the effects of the rand blowout‚ which I think is where most of the support for the index is coming today‚" independent trader Petri Redelinghuys said.
"Other than that‚ I think world markets are looking to the nonfarm payroll numbers from the US [due on Friday] for direction‚ and expect that things should remain relatively quiet until then."
Europe’s main markets were mixed at midday‚ after a roundly positive finish in Asia‚ where Hong Kong’s Hang Seng gained 0.81%.
Among individual shares on the JSE‚ Mr Price was off 10.93% to R164.30‚ with The Foschini Group losing 2.2% to R127.84 and Truworths falling 2.3% to R74.40.
Massmart was off 2.43% to R126.26 and Pick n Pay dropped 2.52% to R71.83.
Among platinum stocks‚ Implats jumped 10.7% to R62.50‚ with Anglo American Platinum gaining 2.45% to R405 and Lonmin rallying 3.19% to R38.44.
Diversified miner and trader Glencore was up 3.41% to R34.31 while Kumba Iron Ore shed 2.19% to R130.92.
Internet and entertainment group Naspers was up 1.37% to R2‚439.
- TMG Digital/BDlive
Just R20 for the first month. Support independent journalism by subscribing to our digital news package.