JSE edges higher in cautious trade

The JSE edged up on Thursday in cautious trade ahead of President Jacob Zuma’s state of the nation address at 7pm. Miners were lower in response to another contraction for December. The rand was little changed as markets awaited Zuma’s speech.

Trading on the JSE began optimistically but turned after the release of mining and manufacturing data. Manufacturing output was down 1.1% in the December quarter and 0.8% lower for the whole of 2016. Mining output contracted 1.9% in December, increasing the drop to 4.9% for 2016.

The all share closed 0.19% higher at 51,904.30 points and the top 40 gained 0.20%. General retailers rose 1.48%, banks 1.17%, financials 0.83% and property 0.81%. The gold index shed 2.73% and resources 1.06%.

Anglo American closed the day 2.92% lower at R216 and BHP Billiton shed 1.51% to R223.50.

Gold Fields retreated 5.53% to R47 and Harmony Gold 4.51% to R37.05, but Sibanye added 0.33% to R30.17.

Barclays Africa rose 2.53% to R159 and Capitec 2.93% to R697.89.

Liberty Holdings added 1.67% to end at R113.06.

Mr Price rebounded 3.74% to close at R162.53 and TFG added 2.69% to R160.85.

Steinhoff rose 2.07% to R68.62; it has gained 5.9% so far in February after losing 9% in January.

Cement producer PPC was up 1.91% to R6.93.

In the property sector Redefine rose 2.15% to R10.94 and Fortress Income Fund B-shares rose 2.37% to R34.51 after the group predicted dividend growth of 25% in 2017.

MTN ended the day 0.76% higher at R116.63.

At 6.23pm the rand was at R13.42 to the dollar from Wednesday’s R13.41. Bonds were also little moved on the day, with the benchmark R186 last bid at 8.8% from the previous 8.85%.

Futures tracked the cautious gains on the JSE. The near-dated top 40 index was up 0.35% at 45,263 points, with 20,633 contracts traded from Wednesday’s 23,135.