Rand perks up ahead of data prints

The JSE maintained momentum on Wednesday, with gold and platinum stocks making good gains, while the rand strengthened ahead of the release of crucial data on Thursday.

Statistics SA will deliver the mining and manufacturing numbers for March on Thursday, which may have an effect on markets.

Investec economist Kamilla Kaplan expected manufacturing production for March to show a slight 0.1% yearon-year improvement compared to the 3.6% contraction in February.

Mining is forecast to make a positive contribution to first-quarter GDP. “This would serve to offset some of the likely drag from the manufacturing and retail sectors. The lift in commodity prices and the strengthening in global growth indicators have aided the performance of the mining sector.”

The JSE closed 0.15% higher at 54,254.30 points and the blue-chip top 40 added 0.16%. The gold index gained 4.28%, platinums 2.83%, resources 0.82%, property 0.7%, and banks 0.65%. Food and drug retailers shed 0.53% and industrials 0.15%.

Gold Fields jumped 5.57% to R45.50 and AngloGold Ashanti 4.07% to R147.70.

Among banks, FirstRand rose 1.08% to R49.54 and Standard Bank 0.6% to R148.34.

Trading ex-dividend, Glencore was down 1.54% to R50.45, while Anglo American gained 0.90% to R182.50. British American Tobacco lost 1.34% to R923.42.

Retailer Woolworths climbed 1.53% to R72.49 while Shoprite shed 2.06% to R196.

In the property sector Redefine ended the day 1.36% higher at R11.15.

Naspers closed 0.33% lower at R2,680.77.

At 6.09pm, the rand was at R13.44 to the dollar from Tuesday’s R13.62. The benchmark R186 bond was bid at 8.75% from 8.8% previously.

Futures gained on the stronger JSE with the local near-dated top-40 Alsi futures index 0.28% firmer at 48,075 points. The number of contracts traded was 16‚496 from Tuesday’s 20‚334.