JSE bounces back in firmer rand mix

THE JSE bounced back yesterday from a lacklustre performance this month as retailers‚ banks and financial stock had solid gains on the firmer rand.

Property stocks also had a good day‚ with the sector reacting positively to lower bond yields.

The rand strengthened to a three-week high against the US dollar in morning trade.

The JSE all-share was higher‚ despite platinum and gold stocks dragging the market down.

Domestic market sentiment was improving after Finance Minister Malusi Gigaba had reiterated his predecessor’s commitment to fiscal prudence.

The all-share closed 1.39% higher at 52 921.4 points and the blue-chip Top 40 1.51%.

General retailers rose 2.92% and banks 2.35%. Financial stock added 2.12% and food and drug retailers 1.97%. Industrials rose 1.68% and property 1.58%. The gold index shed 5.4% and platinums 2.6%. Anglo American ended flat (-0.08%) at R188.40. Kumba Iron Ore shed 4.44% to R176.54. Arcelor Mittal plummeted 7.86% to R7.50.

British American Tobacco gained 1.53% to R887.03. Bidvest jumped 4.16% to R160.53 and Remgro 2.17% to R220.39.

Gold Fields tumbled 6.54% to R47.46. Harmony shed 3.87% to R29.83. Anglo American Platinum lost 3.79% to R329.65. Barclays Africa rose 2.89% to R148.54 and Standard Bank added 2.86% to R147.25. Capitec Bank lifted 2.5% to R780. – BusinessLIVE