US data put JSE on solid footing

The JSE closed last week by posting a fifth consecutive day of broad-based gains, following consistently rand-supportive economic data and policy commentary from the US.

The all share closed 0.56% higher at 53‚598 points and the blue-chip top 40 added 0.54%. General retailers rose 2.08%‚ banks 0.91%‚ resources 0.61%‚ industrials 0.55%‚ food and drug retailers 0.54%‚ financials 0.53%‚ platinums 0.51%, and property 0.46%. The all share ended the week 3.27% higher‚ its best weekly performance in 2017.

The release of lower-thanexpected US consumer inflation and retail sales data reaffirmed expectations the US Federal Reserve’s planned interest-rate increase cycle would need to be gradual.

US data releases, along with a University of Michigan consumer sentiment survey, provided a “hat-trick” of disappointing numbers for the world’s largest economy on Friday, said Oanda analyst Craig Erlam.

Resources also received a slight lift from news that the Department of Mineral Resources had backed down on the new Mining Charter.

Diversified miner Anglo American gained 2.38%, to R192.36‚ while petrochemical group Sasol added 1.25%, to R378.75. British American Tobacco ended the day 0.85% lower at R898.

AngloGold Ashanti was down 2.02% to R128.75.

Woolworths was up 1.52%, to R60.77‚ Shoprite 1.34%, to R204, Mr Price 4.13%, to R168 and Naspers rose 0.97%, to R2‚712.

At 5.40pm, the Dow was unchanged‚ while the S&P 500 was up 0.18% and the Nasdaq, 0.27%. The FTSE 100 was down 0.56%‚ the CAC 40 0.14% and the DAX 30, 0.24%.

In early evening trade, the rand was at R13.03/$, from R13.2084/$.

Brent crude was up 0.57%, to $48.67 a barrel‚ while gold gained 0.77%, to $1,226.67/oz and platinum 1.38%, to $917.35/oz.

The top-40 Alsi futures index increased 0.6%, to 47‚506 points. The number of contracts traded was 22‚821, from Thursday’s 21‚521.