JSE closes slightly up after shaky start

The JSE recovered from a shaky opening on Monday to close higher as banks and financials rebounded on a steady rand‚ while private-sector credit data pointed to some recovery in lending in a subdued economy.

Trade was quiet‚ with turnover amounting to R11.8bn.

The rand traded in a tight range‚ firming to R13.1467 to the dollar in intraday trade from R13.1882 previously.

M3 money supply increased slightly to an annual 5.8% in June from May’s 5.7%‚ with growth in private-sector credit extension accelerating to 5.7%‚ higher than the market’s forecast for an unchanged 4.5%.

“Today’s figures suggest that economic activity will probably pick up pace during the second half of the year‚” Nedbank analysts said.

Global trade was subdued, with the Dow opening slightly lower as the market eyed a number of central bank meetings this week.

After opening more than 2.5% lower‚ market heavyweight Naspers pared some of its losses in late trade‚ despite a stronger rand. It closed 1.28% lower at R3‚315.08.

The all share closed 0.26% higher at 57‚313.10 points and the top 40 gained 0.2%.

The gold index rose 2.53%‚ banks 1.36%‚ financials 0.98% and property 0.85%. The platinum index shed 0.58%.

Sasol lost 1.1%‚ while Sibanye-Stillwater jumped 6.21% to R7.87. –