Local politics enters the fray again

The JSE ended Thursday higher, recording a second day of gains for banks and general retailers, as the rand hovered at about R13.25 to the dollar for much of the day.

The all share closed 0.75% higher at 53‚301 points and the blue-chip top 40 gained 0.82%. General retailers were up 1.61%‚ banks 1.54%‚ financials 1.05%‚ industrials 0.92% and property 0.88%. The gold index lost 1.95%‚ platinums 0.39% and resources 0.06%.

Local politics and economic data came into the fray once again, with mining production numbers released earlier showing a year-on-year increase of 3.6% in May.

Chamber of Mines chief economist Henk Langenhoven said the data raised concern as production seemed to be stagnating at 2016 levels, which were 5% lower than those of 2015.

Earlier, Finance Minister Malusi Gigaba had released a 14-point plan to boost economic growth.

Harmony Gold shed 3.27% to R21.90‚ Sibanye 2.37%, to R15.63 and AngloGold Ashanti 2.22%, to R131.40.

Impala Platinum lost 1.51%, to R35.26, but Northam Platinum gained 2.03%, to R38.26.

Standard Bank was up 1.89%, to R151.70‚ FirstRand 1.72%, to R49.64‚ Nedbank 1.44%, to R211.50 and Capitec 1.95%, to R820. Discovery lifted 1.42%, to R134.25. Mr Price added 1.97%, to R161.34‚ Woolworths 1.87%, to R59.86 and Shoprite 1.16%, to R201.31.

At 5.41pm, the Dow was up 0.08%‚ the S&P 500 0.14% and the Nasdaq 0.09%. The FTSE 100 was down 0.05%‚ while the CAC 40 had gained 0.33% and the DAX 30, 0.11%.

In early evening trade, the rand was at R13.227 to the dollar from R13.25 and the euro was at $1.1391, from $1.1412.

Brent crude was up 1.54%, to $43.38 a barrel‚ while gold was down 0.21%, to $1‚217.59 an ounce and platinum 0.89%, to $907.08.

The futures market gained for a fourth consecutive day‚ with the top40 Alsi index up 0.76% at 47‚227 points. The number of contracts traded was 21‚521, from Wednesday’s 24‚784.