Global market trend lifts the JSE

The JSE lifted to a three-week high on Tuesday‚ taking its direction from global markets.

The rand reached a six-month low to the dollar, which boosted duallisted shares on the local bourse. The strength of the greenback was expected to stay in the spotlight until Friday’s US jobs report, analysts said.

Platinum stocks led gains among miners, with global diversified resource groups also standing out. Rand hedges‚ led by Naspers and Richemont‚ were in record territory for the whole day.

Equity markets have been lifted this week by the prospect of a more favourable US tax regime, a positive outlook for US corporate earnings and signs of global economic growth.

The all share closed 1.04% firmer at 56‚358.30 points and the blue-chip top 40 added 1.07%. Platinums rose 2.61%‚ the gold index 2.31%‚ industrials 1.34%‚ resources 1.16%‚ food and drug retailers 0.54%, and banks 0.28%.

General retailers shed 0.32% and property 0.28%.

Naspers was 2.88% higher at a record R3‚058.73 after a rise in Hong Kong-listed Tencent, of which it owns about a third. Anglo American closed 2.47% higher at R253.52‚ its best level since 2014.

Assore jumped 5.92%, to R306.32 and Exxaro 4.99%, to R131.85. Richemont climbed 1.89%, to R125.75 and Anheuser-Busch InBev 1.28%, to R1‚636.74. Nepi Rockcastle lost 3.59%, to R177.50. Private education group Curro slumped 9.57%, to R35.51 after unbundling and separately listing its tertiary education arm Stadio. The latter ended little changed at R5.80.

The Dow was up 0.27% shortly after the JSE’s close‚ and the Nasdaq 0.05%. European markets were also firmer‚ with the FTSE 100 up 0.3% and the CAC 40 higher by 0.37%.

Brent crude was little changed at $56.06 a barrel. Gold was off 0.25%, to $1‚273.87 an ounce‚ while platinum lost 0.03%, to $910.05.

The rand was at R13.6851 to the dollar, from R13.5998.

The top 40 Alsi futures index gained 1.37%, to 51‚065 points.