JSE up, rand steady on global data

Positive sentiment in global markets helped lift the JSE on Wednesday, with the rand relatively range-bound, despite a series of global economic data releases.

Much investor focus was on the US Federal Reserve interest rate decision, which was due later on Wednesday. Despite this, sentiment was risk-on amid a recent rally in oil prices, upbeat Chinese manufacturing data and a decision by the Bank of Japan to continue monetary stimulus. This decision follows a recent European Central Bank one to extend, but pare back, its own stimulus measures.

Resources led the way despite the rand firming shortly before the JSE closed, with Brent crude reversing course to trade a bit weaker at 0.34%, to $60.83. The all share closed 0.91% higher at 59‚514.10 points‚ after reaching an intraday best level of 59‚787.10. The top 40 rose 0.93%‚ resources 2.67%‚ the gold index 2.22%‚ platinums 1.45% and general retailers, 1.42%.

Anglo American led the gains in big diversified miners‚ rallying 4.01%, to R275.71‚ while BHP added 3.03%, to R263. Sasol closed 2.01% higher at R422. Kumba Iron Ore rose 2.31%, to R278.28‚ Exxaro 3.28%, to R148.47, and ArcelorMittal 1.1%, to R6.43.

British American Tobacco added 0.42%, to R913.78 but Richemont dropped 0.5%, to R129.69. Sibanye-Stillwater ended the day 3.66% higher at R18.98 and AngloGold Ashanti gained 2.62%, to R133.75.

Old Mutual recovered another 1.01%, to R36.02‚ after announcing earlier in the day that it was cutting its interest in Nedbank to 19.9%, from 54%. Sanlam gained 2.01%, to R72.12‚ Discovery 2.35%, to R150 and MMI Holdings 1.12%, to R19.01.

Woolworths added 1.15%, to R57‚ Truworths 2.22%, to R77.03 and TFG 2.44%, to R138.80. Redefine jumped 2.83%, to R10.91 and Nepi Rockcastle 1.69%, to a record R201.01. Naspers was 0.86% higher at R3‚474.79.

At 6.08pm, the Dow was up 0.21% and the S&P 500 up 0.15%. The DAX 30 was up 1.83%‚ the CAC 40, 0.36% and the FTSE 100 added 0.06%.

Platinum was up 1.76%, to $934.71 an ounce and gold 0.46%, to $1‚276.41.

The top 40 Alsi futures index rose 0.85%, to a record 53‚637 points. The number of contracts traded was 30‚226, from Tuesday’s 17‚183. /