JSE closes firmer on banking gains in muted trade

THE JSE – supported by banks and financials – closed higher in muted trade yesterday, as the market awaited crucial data in the rest of the week.

Volumes and value of shares were lower than those of an average trading day‚ with the gains inspired by improved global markets. Analysts said stock moves were muted ahead of news from the US Federal Reserve‚ which begins a two-day policy meeting today.

The Fed is expected to provide guidance on the timing of US interest rate hikes.

At 5pm the all-share index was up 0.66% to 52 139.15 points‚ with the blue-chip top 40 gaining 0.72%. Banks rose 1.76%.

Financials gained 1.12% and industrials 0.93%.

Resources were the main losers‚ down 0.84%. Platinums shed 0.56%.

Capitec rocketed 4.89% to a record R472. It is now trading at a price-earnings ratio of 24‚ way above the banking index of 14. Barclays Africa gained 2.84% to R178.95 and Nedbank firmed 2.25% to R247.64.

Financials were mixed‚ with Old Mutual gaining 1.93% to R41.67‚ a record high. Discovery‚ however‚ retreated 5.04% to R123.50.

Sasol was a victim of the oil price‚ dipping 2.56% to R383.93.

Anglo American was 3.86% lower at R186. Among platinum stocks, Im- pala dropped 0.36% to R61.54‚ but Anglo American Platinum rose 1.14% to R318.86.

Diversified industrial group Remgro was 0.21% up at R268.74, ahead of interim results yesterday evening.

Aspen dipped 0.32% to R387.27, after falling strongly on Friday following GlaxoSmithKline’s sale of half of its stake in the firm.