JSE makes it an intraday record

The JSE all share closed marginally below the 60,000-point level on Monday after reaching an intraday record of 60,140.30, as firmer mining stocks and a rebound in banks buoyed the market.

Volumes were thin, however, with R13.6bn traded by the close.

The weaker rand initially boosted miners, despite flat commodity prices, while a recovery in the local currency — from R14.2975/$ to R14.2222 — then provided a fillip to banks.

Industrials, led by Naspers, supported the top 40 index, while rand hedges ended the day lower.

Platinums were the top performers, led by Anglo American Platinum and Impala Platinum.

Lonmin, however, remained under pressure after falling 22.2% last week, when it announced it would have to delay the release of its latest results.

The all share closed 0.57% higher at 59,975.7 points and the blue-chip top 40 added 0.69%. Platinums rose 2.51%, the gold index 2.26%, resources 1.71%, banks 0.8% and industrials 0.41%. Property shed 1.08%.

Diversified miner BHP added 2.64%, to R271.47, Anglo American 2.41%, to R280.49 and Kumba Iron Ore 2.46%, to R298.20.

Lonmin slumped another 5.93%, to R13.17, while Anglo American Platinum jumped 4.13%, to R418. AngloGold Ashanti gained 3.42%, to R133.25 and Harmony 2.03%, to R25.08.

Richemont lost 0.55%, to R130.35 and British American Tobacco 0.27%, to end at R923.46.

Naspers ended the day 2.06% higher at a record R3,541.54. It has gained 75.8% in 2017.

Property group Redefine was 2.01% lower at R24.45, despite reporting a 6.5% climb in distributions to shareholders for the year to end-August.

The rand recovered to around R14.20 to the dollar soon after the JSE’s close despite the dollar breaking through $1.16 to the euro. While the rand should be range-bound, meaningful moves should not be discounted, analysts said.

Bonds were steady, with the R186 last bid at 9.27%, unchanged from Friday’s close. The US 10-year bond was at 2.3247%, from 2.3328%.

The top 40 Alsi futures index gained 0.91%, to 54‚187 points. The number of contracts traded was 14‚419, from Friday’s 13‚495.