Positive US statistics see JSE close higher in upbeat mood

THE JSE closed higher yesterday in an upbeat mood, with continued positive data from the United States indicating the US economic recovery is gathering further momentum.

Market participants are waiting for the Jackson Hole economic symposium among central bankers and US Federal Reserve chairwoman Jan- et Yellen’s speech on Friday for further market direction. Analysts do not think Yellen will mull earlier interest rate hikes at this stage.

The JSE all-share index was up 0.61% to 51 572.19 points at the close‚ with the blue-chip top-40 in- dex gaining 0.68%. All indices‚ barring gold‚ ended up‚ with platinums and resources leading the pack.

Platinum gained 1.8% and resources 0.9%.

Industrials firmed 0.56% with financials up 0.43%.

The early focus was on Capitec‚ after it had been downgraded. After trading 5% lower initially‚ it recovered in late afternoon trading‚ ending the day 2.69% lower at R210.20.

The rest of the banking sector was mixed‚ with Barclays Africa gaining 1.29% to R168.73‚ but FirstRand losing 0.35% to R42.95.

Anglo American led resources higher‚ closing 1.21% up at R284.54. SABMiller led rand hedges‚ adding 1.63% to R586.22.

Shoprite was 1.51% down at R154.13 ahead of releasing annual results today.

Murray & Roberts closed 0.9% down at R24.32 after it was announced that Allan Gray Asset Management had increased its interest in the group to 15.13%.

Super Group firmed 1.26% to R31.27 after reporting revenue was up 22% for the year to end June.

RCL‚ previously Rainbow Chicken‚ closed flat despite a warning of an expected annual headline loss to be reported on August 27.

Diversified group Kap Industrial Holdings closed 3.58% up at R4.05 after it had reported a 50% rise in its full-year dividend. – BDlive