JSE slightly up as platinums lift market in subdued trade

THE JSE closed slightly firmer when platinum stocks lifted the market in subdued trade yesterday‚ with gold shares closing in the red.

Rand hedges gained on a weaker rand‚ but resources and banks retreated. Gold stocks were weaker on the stronger dollar.

Trading volumes were low because of a public holiday in the UK, with the value of shares traded at the close about R10-billion‚ much lower than the average daily value of R24-billion.

The gold price was flat and platinum added 0.96% to $1 076.37 an ounce at the JSE’s close.

At 8pm, the Brent crude price had shed 0.77% to $49.19 a barrel.

At 5pm, the all-share closed 0.11% higher at 53 563.90 and the bluechip Top 40 added 0.23%. Platinum stocks rose 1.2% and industrials 0.55%. The gold index dropped 2.31% and banks retreated 1.09%. General retailers shed 1.07%.

The market was still mulling over a possible US interest-rate hike this year, as indicated by the US Federal Reserve on Friday.

Brewing conglomerate SABMiller led the JSE gains in the industrial sector‚ firming 1.69% to R828.82. British American Tobacco added 0.99% to R902.86.

Gold Fields lost 3.61% to R81.45 and Harmony 1.99% at R55.17. Impala Platinum added 2.03% to R61.83.

Among banks‚ Standard Bank retreated 1.46% to R137.96 and FirstRand 1.31% at R45.99. Pick n Pay shed 1.57% to R75. Naspers gained 1.87% to a record R2 431.64, while Sappi jumped by 4.24% to R72.

The yield on the benchmark R186 bond was at 8.99% and offered at 8.97%‚ from Friday’s 8.95%. – BDlive