JSE takes a tollJulie Walker
THE JSE filled its traditional October role last month of making young men go grey and middle-aged men go bald.
The indices showed the greatest volatility yet in terms of points and percentage losses and gains. The all-share index (Alsi) showed a net loss of 8% over the week when it closed at 6 589 on Friday -- a day in which the market regained 5% of its value to R1.18-trillion in hectic trade. Butthe Alsa had been to as low as 6 007, or minus 16% during Tuesday's frantic dealing.
The sense of panic of October 1987 was not as prevalent and the quick fillups definitely suggest that most people do not believe this is for real. Buying interest was really strong on friday but dealers noted the cancellations by some clients of subscriptions in private placements.
Ill-timed comment a week ago from the Swiss authorities about gold's future limited its potential as a safe haven during paper-market turbulence. The JSE's all-gold index fell to as low as 861 points, rallying to 897 for a net loss of 6.3%. The JSE recorded its highest weekly turnover ever, as the value of shares traded on Monday rose to R7.12-billion, good for brokerage if nothing else. Top of page