Four-month high for JSE

THE JSE closed firmer in low-volume trade yesterday due to Martin Luther King Day in the US, while gold shares soared on safehaven demand. General retailers also recovered. The JSE all-share index closed at a fourmonth high‚ but volume came to only R13-billion from R16-billion on Friday.

The all-share was up 0.69% at 53 158.5 points‚ and the blue-chip Top 40 gained 0.58%‚ with general retailers firming 3.71%.

The gold index was 4.61% higher‚ platinum stocks 2.42% and resources 1.5%.

Banks were lower, despite record earnings growth from JP Morgan Chase on Friday. Banks dropped 0.39% and financials 0.26%. Gold shares were in favour as the gold price held above $1 200 an ounce in a continued recovery from the weaker trend after Donald Trump’s election in November.

The pound tumbled before British Prime Minister Theresa May’s Brexit speech today. A hard Brexit announcement is expected.

The European Central Bank will meet on Wednesday and Donald Trump will be inaugurated as US president on Friday, amid uncertainty about his policies.

European markets were weaker at the JSE’s 5pm close, after Trump said the European Union could break up and Nato was obsolete.

BHP Billion rose 1.72% to R242.89 and Anglo American 1.64% to R223. Sasol added 1.42% to R429. Harmony Gold jumped 5.74% to R33.87 and Sibanye 5.26% to R28.20.

Barclays Africa fared worst of the big four‚ down 1.12% to R169.19‚ while First Rand shed 0.47% to R53.30 and Nedbank 1.1% to R236.91.

TFG was the star performer among retailers‚ adding 5.29% to R168.50, Woolworths rose 4.83% to R71.79 and Truworths 4.33% to R85.56.