The Top40 was marginally higher in a choppy session yesterday.  Resources were strong on the back of a weaker Rand and news that China were lowering their reserve requirements.  US markets were very firm (S&P +1%) ahead of a week where many companies will be reporting their earnings.

The Top 40 fell 1.07% on Friday with losses in most sectors. Naspers fell 5% weighing down the index.  Heavyweight miners Anglo and Billiton both fell 1%.  Headline inflation in the US indicated a move into a deflationary environment which sent the US markets lower.

Resources led the JSE lower by 0.6%. Billiton fell 2.5% and Anglo American shed 3.7%.  British American Tobacco also fell 2.4% with concern over consumer demand from China.  US markets were subject to profit taking after a strong Monday session.  US jobs data this week will maybe give the US markets some stability while we look forward to US earnings season next week.

The JSE All Share Index rose 1.2% yesterday showing gains across most sectors,  Group Five stood out jumping 7.4% and the banking sector was strong with gains for Firstrand, Barclays and Capitec.  The Gold sector was disappointing and Exxaro Resources fell almost 3% after the announcement of the retirement of their CEO.

The Top 40 fell by 1.2% yesterday with losses across most sectors. Heavyweight Naspers fell 2.5% while Steinhoff was one of few shares in the green after a broker upgrade on the share.  US markets had a torrid day with the Nasdaq falling the most in over a year.