JSE closes higher on banking and retailer successes

THE JSE closed firmer in choppy trade yesterday with banks and retailers recording gains‚ while property stocks were the biggest losers on the day.

Firmer European and mixed Asian markets gave some support to a jittery market‚ following last week’s losses. The Dow was also firmer in the US.

The rand firmed on unconfirmed reports that President Jacob Zuma had agreed to go‚ which caused mining stocks to turn negative in late trade.

The JSE all-share closed 0.54% higher at 56 206.8 points and the Top 40 climbed 0.52%.

Banks rose 2.35%‚ food and drug retailers 1.52%‚ general retailers 1.08% and industrials 0.82%.

Property shed 2.55%‚ the gold index 1.2% and resources 0.37%.

Stocks in the Resilient stable were under pressure, following negative research reports on the property group‚ accusing it of questionable deals which artificially boosted the share prices of related companies.

Resilient refuted the allegations‚ but it appeared to have little effect‚ with several property stocks negatively affected.

Growthpoint and Redefine were the exception‚ recording gains in late trade. Resilient slumped 7.42% to R100. British American Tobacco slipped 1.19% to R739.15. FirstRand rose 3.44% to R68.91 and Barclays Africa 2.43% to R187.45.

Steinhoff slumped 6.57% to R5.55‚ after former chairman Christo Wiese reduced his shareholding in the group from more than 20% to 6%.

Shoprite added 1.9% to R241 and Pick n Pay 3.61% to R69.68.