Retailers and banks help drive JSE
The JSE pushed higher on Monday, bolstered by a strong showing from banks, with most indices ending the day positive.
European markets were firmer, as was the rand. Emerging-market assets were given a boost by the Brazilian election at the weekend, which resulted in victory going to the more pro-business candidate.
Despite the strong start to the week, analysts said investor sentiment towards equities continued to be uncertain, given escalating concern that trade conflict was damaging economic growth.
The all share gained 0.95% to 51,320.5 points and the top 40 1.03%. General retailers jumped 4.16% and banks 3.96%. Gold miners lost 3.92%.
Retailers and banks found some support from a declining oil price, which was back at $77 a barrel as the market continues to gauge whether more Opec production will offset the drop in supply due to Iran sanctions.
Private sector credit extension rose to 6.26% in September, a deceleration from August but still well ahead of the Trading Economics consensus forecast of 5.5%.
Consumers remained significantly leveraged, said Investec economist Lara Hodes. A number of other factors continued to weigh on consumer spending, and a credit-fuelled recovery in consumption expenditure was not expected, she said.
Diversified miner Glencore rose 3.47% to R57.90, Anglo American 3.12% to R308.22 and BHP 3.08% to end at R288.14.
AB InBev rose 2.93% to R1,107.59, after an 11.14% slump last week.
Absa rose 4.83% to R151.80 and FirstRand 4.01% to R64.60. Truworths surged 6.04% to R82.75, TFG 5.25% to R163.50 and Mr Price 4.87% to R233. Naspers fell 3.98% to R2,457.23. Famous Brands rose 1.94% to R102.60, despite earlier reporting an interim loss of R544m for the six months to end-August, largely due to an R874m write-down of UK-based Gourmet Burger Kitchen.
Raubex gave back 0.27% to R18.70, after earlier reporting that headline earnings per share plummeted 72.8% to 36c in the six months to endAugust, with the company citing decreased infrastructure spending by the SA National Roads Agency.
MTN firmed 3.27% to R86.75, after reporting earlier that group service revenue grew 10% year on year in the nine months to end-September. Third-quarter subscribers inched up 1% quarter on quarter.
Shortly after the JSE closed the Dow was up 1.15% to 24,970.77 points, while in Europe the FTSE 100 had gained 1.66%, the CAC 40 1.05% and the DAX 30 1.85%. At the same time platinum was up 0.67% at $839.14/oz while gold was down 0.2% at $1,230.65. Brent crude was 0.75% lower at $77.08 a barrel.