JSE rallies but rand hedges soften

The JSE firmed on Friday, despite low trading volume, and the rand gained on the dollar following some pertinent global data releases.

Positive Chinese data helped lift Asian equity markets and supported local miners, while rand hedges fared the worst on the local bourse. The rand extended its gains after lower-thanexpected US consumer inflation.

Banks had a good week, with the index gaining more than 4%. But FirstRand weighed on the index on Friday‚ dropping 1.89%, to R53.35 after reporting that it was considering acquiring the entire share capital of UK lender Aldermore.

The all share added 0.22%, to 57‚878.60 points‚ while the top 40 gained 0.19%. The former added 1.13% in the week. The only blip during the week was Thursday, when the JSE ended a nine-session winning streak.

The property index gained 1%‚ platinums 0.9% and financials 0.47%. Gold miners lost 0.45% and food and drug retailers, 0.11%.

Diversified miner Glencore rose 2.64%, to R66.80‚ Anglo American 1.71%, to R261.08 and BHP 1.67%, to close at R247.90.

Exxaro was up 2.51%, to R144.23 and Assore 2.47%, to R290.

Impala Platinum added 2.81%, to R31.78 and Anglo American Platinum 1.85%, to R361.50. Northam Platinum dropped 2.7%, to R46.08, despite earlier announcing Global Credit Ratings had upgraded its long-term credit rating to A- from BBB+.

Rand hedge Richemont lost 1.19%, to R122.97 and British American Tobacco 0.5%, to R860.

Industrial group Imperial Holdings fell 1.72%, to close at R203 and Bidvest 1.53%, to R176.22.

Investment holding group Remgro added 1.05% to R227.36‚ while Brait fell 2.22%, to R55 and Reinet 1.43% to R29.

Standard Bank added 2.09%, to R171 and Capitec 1.3%, to R938.

Nepi Rockcastle helped lift the property index‚ adding 4.05%, to R189.21‚ after earlier announcing it had entered into an agreement to acquire two Polish shopping centres.

The top 40 Alsi futures index added 0.44%, to 52‚280 points‚ up 0.97% for the week.

At 5.30pm, gold and platinum had both added 0.53%, to $942.72 and $1‚300.10 an ounce, respectively. Brent crude was up 1.12%, to $57.04.