JSE moves a tad higher

The JSE closed higher‚ albeit unconvincingly‚ on Thursday‚ as markets were gripped by renewed concern over an escalating global trade war‚ and a comeback by the US dollar against the euro.

Trading was cautious‚ as investors followed wild swings in the rand.

The euro firmed earlier as the US Federal Reserve cautioned against the effects of a growing trade spat.

Despite this‚ the Fed still seems set to hike rates twice in 2018‚ which supported the dollar in later trade.

Global market focus is now expected to shift to a meeting of global central bankers in Jackson Hole‚ Wyoming.

US Fed chair Jerome Powell is set to speak on Friday.

The world’s two biggest economies kicked off two days of talks in Washington as the US‚ on Thursday‚ placed tariffs on $16bn of Chinese goods on top of the $34bn already targeted. By the end of September‚ it could add levies on another $200bn‚ about half of all Chinese imports.

Uninspiring results from Woolworths and Massmart‚ which were reported on the day‚ saw their share prices drop‚ while Shoprite‚ Mr Price and Pick n Pay ended the day firmer.

Woolworths lost 1.84% to R50.60 and Massmart 0.23% to R110.75. Shoprite rose 2.87% to R215.20‚ Mr Price 1.07% to R237.27 and Pick n Pay 0.14% to R70.75.

The all share closed 0.14% higher at 58‚204.7 points and the top 40 added 0.13%.

Food and drug retailers gained 2.62%‚ platinums 0.65%‚ industrials 0.56%‚ financials 0.36% and banks 0.29%.

Resources shed 1.12% and property 0.12%.

Impala Platinum rose 1.31% to R16.96 and Lonmin 4.28% to R7.31.

Naspers ended the day 0.32% higher at R3‚441.

South African bonds held up at firmer levels with the benchmark R186 bid at 8.935% after having weakened through 9% last week. The US 10-year treasury was last seen at 2.8216% from 2.8189%.

The top 40 Alsi futures index lost 0.37% to 51‚700 points.

The number of contracts traded was 22‚478 from Wednesday’s 24‚925. –