Weaker rand boosts some miners

The JSE edged higher on Friday, ending the week positively, as a weaker rand supported some miners and rand hedges.

The rand was slightly firmer at close but lost 3.67% against the dollar for the week. Load-shedding and concern about the pace of the government’s fiscal consolidation have weighed on the local currency.

The all-share gained 0.19% to 54,628.4 points and the top-40 rose 0.2%. Platinum miners added 2.48% and resources 1.12%. Banks fell 0.55% and property fell 0.33%.

On Friday, a rising oil price also supported diversified miners, with Glencore adding 1.97% to R54.92, Anglo American 1.56% to R353.17 and BHP 1.08% to R324.27.

Shortly after the JSE closed, Brent crude was up 1.3% to $65.46 a barrel. Platinum had gained 0.55% to $791.17/oz and gold 0.36% to $1,317.01.