The JSE inched higher on Thursday as financials and index heavyweight Naspers lifted the local bourse.

Local economic data disappointed as South African mining production contracted quite significantly as indicated by the 8.4% contraction YoY, as well as a 3.4% contraction MoM. These numbers missed initial estimates which had forecasted production to remain largely unchanged for the two periods.

Manufacturing Production YoY for South Africa also disappointed as it contracted by 1.3% which missed the forecasted 1% growth. Manufacturing Production MoM grew by 1.3% which was better than the forecast of 0.3%.

Taking a look at the performance of JSE listed stocks, Naspers [JSE:NPN] led gains in the JSE Top-40 Index to end the day up 3.54% at R3165.14 per share. Bankers were buoyed by the firmer Rand as Nedbank [JSE:NED], Standard Bank [JSE:SBK] and First Rand [JSE:FSR] racked up gains of 2.27%, 1.3% and 1.06% respectively. Sasol [JSE:SOL] continued to trade firmer as it gained another 1.45% to close at R452.96 per share. Anglo American PLC [JSE:ANG] added 0.27% to close at R298.38 per share.

Assore [JSE:ASR] was one of the day’s biggest gainers after it climbed by 3.16%. PSG Konsult [JSE:KST] gained 3.85%, whilst coal miner, Exxaro Resources [JSE:EXX] added 2.33%. Other notable moves higher were recorded in Tradehold [JSE:TDH] and Tongaat Hulett [JSE:TON] which gained 4.35% and 2.52% respectively.

Datatec [JSE:DTC] dipped significantly in today’s session as it lost 9.33% to close at R19.72 per share. Platinum miners Lonmin [JSE:LON] and Impala Platinum [JSE:IMP] slid further to lose 6.57% and 6.07% respectively, whilst Sibanye-Stiillwater [JSE:SGL] lost another 4.62% to close at R8.93 per share. Steinhoff International [JSE:SNH] hit a fresh all-time low of R1.56 per share after the release of a process update. It eventually ended the day down 3.87% at R1.74 per share.

Retailers, Massmart [JSE:MSM] and Truworths [JSE:TRU] came under pressure despite the stronger Rand to end the day down 4.73% and 4.84% respectively. Bid Corporation [JSE:BID] and Mediclinic [JSE:MEI] lost 3.57% and 3.79% respectively, whilst Rand hedges Mondi Ltd [JSE:MND] and British American Tobacco [JSE:BTI] shed 2.21% and 2.07% respectively.

The JSE All-Share Index eventually closed 0.16% firmer, whilst the JSE Top-40 Index gained 0.43%. The Resources Index closed 0.35% weaker, however the Industrials and Financials Indices managed to record gains of 0.3% and 0.68% respectively.

The Rand strengthened significantly against the greenback mainly due to the US dollar easing against a basket of major currencies. The Rand peaked at a session high of R12.31/$ before it retraced marginally to trade at R12.37/$ at 17.00 CAT.

Gold peaked at a session high $1322.90/Oz as it was buoyed by the softer US dollar. At 17.00 CAT it was trading at $1317.01/Oz. At 17.00 CAT Platinum was 0.5% firmer at $919.83/Oz, whilst Palladium was trading 1.4% firmer at $991.83/Oz.

Brent Crude eased from its overnight highs but it managed to bottom-out at $76.51/barrel, and just after the JSE close it was trading at $77.10/barrel.

Bitcoin was trading relatively flat it traded in a similar range to the previous day. At 17.00 CAT it was trading at $9326.90 per coin, however Ethereum traded softer to be recorded at $757.84 per coin at that same time.