Helpful SA data and stronger US and Europe markets boost JSE

POSITIVE domestic economic data and gains in US markets helped to lift the JSE yesterday‚ despite geopolitical tension and a weak gold price.

The JSE all-share closed 0.93% higher at 50 343.2 points‚ underpinned by financial and property shares. Financial shares rose 0.86%‚ industrials 1% and the property index by 1.76%.

The Reserve Bank’s leading business cycle indicator lifted 0.8% in October compared with September, on faster money supply and an increase in new car sales‚ it said.

The latest estimate of South Africa’s winter wheat crop by the estimates committee showed it would be 6% higher than previously forecast.

Commodities were generally in negative territory‚ except for crude oil.

US markets were betting that Donald Trump’s administration would implement tax cuts and spending on infrastructure.

Gold shares were sold off in response to a decline in the metal price.

Sibanye Gold dropped 4.23% to R21.98 and Harmony Gold 0.52% to R26.84. Pan African Resources slipped 1.65% to R2.38.

Property counters were actively traded. Redefine Properties lifted 1.74% to R10.54 and Growthpoint 2.72% to R25.33, after all conditions had been met for its investment in Globalworth Real Estate Investments.

Losses were taken by Capital & Counties‚ down 1.28% to R50.30 and Echo Polska 0.25% to R19.95.

MTN gained 1.39% to R123.63, but Vodacom fell 0.53% to R145.63. Telkom was 0.68% higher at R74.30. Naspers surged 1.91% to R2 000.58. Aspen Pharmacare‚ Mediclinic and Life Healthcare Group all added between 1% and 2%.