Bourse inches up on credit data

The JSE pushed higher in choppy trade on Monday, boosted by private sector credit extension data for June that beat market expectations.

A stable rand and the positive data helped ensure broad-based gains, with banks and financials benefiting the most.

The all share firmed 0.26% to 57,313.1 points and the top 40 0.2%.

Banks firmed 1.36%, gold miners 2.53% and financials 0.98%. Industrials were flat, while resources fell 0.58%.

Credit extended to companies accelerated to 6.6% year on year in June, from 4.8% in May, while household credit grew 4.5% year on year in the same month.

The growth in corporate general loans and advances probably signified borrowing related to cash flow management, due to a weak economic growth environment, Investec economist Lara Hodes says.

Most major global stock exchanges were under some pressure, with analysts saying a cautious start to the week was probably due to looming risk events. These include the release of results by tech giant Apple on Tuesday, while the Bank of England and US Federal Reserve are expected to pronounce their latest stances on monetary policy on Thursday.

Corporate earnings from tech giants have weighed on the market, with the tech-heavy Nasdaq 1.14% lower shortly after the JSE closed.

Glencore fell 1.03% to R55.96 and Anglo American 1.02% to R289.99.

Hulamin jumped 8.48% to R4.99, after saying revenue grew 3% to R5.3bn in the six months to end-June.

Standard Bank gained 1.87% to R203.01 and Nedbank was up 1.82% to R273.50.

Imperial Holdings gave up 1.02% to R213.57 after announcing that CEO Osman Arbee had suffered a minor stroke and had taken medical leave.

EOH fell 2.3% to R40.30, having earlier unveiled a R1bn empowerment deal that would lift its black shareholding above 50%. Massmart firmed 3.8% to R117.50. At 5.30pm, the Dow was 0.11% lower at 25,425.08 points, while in Europe the FTSE 100 was flat, the DAX 30 had lost 0.34% and the CAC 40 was 0.26% weaker.

At the same time, gold and platinum were flat at $1,224 and $830.76 an ounce, respectively.