JSE closes firmer on stronger rand
THE JSE closed firmer yesterday as gold and platinum shares rose on a marginal uptick in metal prices and as banks and financials gained on the stronger rand.
The all-share held above the 54 000-point level‚ after crossing the 10-month high on Tuesday.
The most-watched share was Naspers, with the market heavyweight closing weaker in choppy trade after firming more than 3% on Tuesday.
The rand had climbed 1% against the dollar by the close.
Rand hedges took a breather from over-bought levels and property stocks were supported by stronger bonds.
Old Mutual Equities boutique head Peter Linley said emergingmarket equities‚ including the JSE‚ were at the receiving end of a sharp commodity price sell-off last week amid concerns about the Chinese economy.
In the developed world‚ cautious sentiment ahead of the French elections predominated‚ but stock market indices still managed to gain ground after Emmanuel Macron’s victory.
“Expectations are that developed-market growth will accelerate this year‚” Linley said.
The all-share closed 0.15% higher at 54 254.3 points and the bluechip top 40 added 0.16%. The gold index gained 4.28%‚ platinums 2.83%‚ resources 0.82%‚ property 0.7%‚ and banks 0.65%. Food and drug retailers shed 0.53% and industrials 0.15%.
Gold Fields jumped 5.57% to R45.50 and AngloGold Ashanti 4.07% to R147.70.
Impala Platinum leapt 5.28% to R43.85.
In banks‚ FirstRand rose 1.08% to R49.54 and Standard Bank 0.6% to R148.34.
Trading ex-dividend‚ Glencore was down 1.54% to R50.45 while Anglo American gained 0.9% to R182.50.
British American Tobacco lost 1.34% to R923.42.