JSE gains as Trump deflates dollar

The JSE made gains across the board on Monday as miners got a boost from the weaker dollar, which softened soon after US President Donald Trump’s inauguration. The rand also strengthened on the softer greenback, while bonds maintained a firmer bias.

Gold shares were boosted by a firmer gold price, which had added 0.41% to $1,213.36 by the late afternoon. Platinum stocks were higher despite the platinum price trading weaker for most of the day. It was flat at $979/oz at the JSE’s close.

In his first speech as president, Trump took a protectionist stance, leading to some confusion about his fiscal-stimulus and high-growth approach during the campaign.

“With Trump now in office, the most unpredictable presidential team in the modern era has commenced,” said Old Mutual Multi-Managers investment strategist Dave Mohr.

The all share closed 0.97% higher at 53,040.50 points and the blue-chip top 40 rose 1%. Platinums leapt 4.94%, the gold index 3.71% and resources added 2.08%. Banks climbed 1.40% and financials 0.91%. General retailers were up 0.81%.

Anglo American rose 3.17% to R223.38 and Sasol 2.39% to R428.35.

Kumba Iron Ore was a firm favourite, climbing 7.75% to R165.94.

Sibanye Gold rose 6.39% to R28.99 and Harmony 4.07% to R33.46.

Anglo American Platinum rocketed 9.28% to R338.75 and Impala Platinum added 4.94% to R51.

FirstRand was up 2.34% to R52.81 and Standard Bank 1.03% to R149.53.

Woolworths rose 1.45% to R73.30 and Massmart 0.98% to R130.40.

In the property sector, Capital & Counties firmed 2.68% to R46.43. Remgro rose 1.36% to R223.01.

At 6.20pm, the rand was at R13.4924/$, from R13.6208/$ on Friday. The R186 bond was bid at 8.74%, from 8.76% previously.

Futures reflected the JSE with the local near-dated top-40 Alsi futures index gaining 1.03% to 46,635 points, with 20,904 contracts traded from Friday’s 20,314.