Retailers rally despite softer rand

The JSE closed higher on Friday, lifted by rand hedges, while the property index and retailers gained despite a softer currency. Positive sentiment about US economic growth drove risk assets to record highs last week, putting emerging currencies and bonds under pressure.

Glencore closed 0.11% higher at R66.14. The group announced earlier it had secured a 75% interest in Chevron SA‚ and the whole of Chevron Botswana‚ in a $973m deal that it will settle in cash.

Sasol gained 0.83% to end at R385, while Kumba Iron Ore closed 3.84% lower at R232.75.

British American Tobacco added 1.51%, to R853.67.

Lonmin surged 16.9%, to R15.15‚ after the platinum producer said on Friday that it had fulfilled the last requirement to buy out its partners in its Pandora project.

In banks, Barclays Africa gained 0.65%, to R142.98, but Standard Bank lost 0.39%, to R160.12. Capitec was up 0.79%, to R893.04.

Financial services group Discovery shed 1.77%, to R138.50, but MMI Holdings rose 2.46%, to R17.93.

Among retailers, Steinhoff gained 2.01%, to R60.50‚ Shoprite 1.16%, to R212.16 and Spar 2.79%, to R171.15.

Group Five rocketed up 14.5%, to R9‚ paring losses during the week to about 17%. The gains came after its new management said it was evaluating numerous offers for various subsidiaries and assets.

At 5.40pm‚ the Dow was off 0.06% and the S&P 500 was off 0.23%. European markets were mixed‚ with the CAC 40 down 0.38% and the DAX 30 losing 0.13%‚ while the FTSE 100 was up 0.19%.

Brent crude slumped 3.08%, to $55.24 a barrel‚ amid fears over tropical storm Nate. Gold was up 0.51%, to $1‚273.15/oz, while platinum was off 0.03%, to $913.56.

The rand was at R13.7386 to the dollar, from R13.691.

The top 40 Alsi futures index gained 0.44%, to 51‚800 points. It gained 3.32% during the week‚ its best performance since July.