Equities on the local bourse started the week on a positive note as they were buoyed by Rand hedge stocks which gained on the back of the weaker Rand.

The JSE maintained its momentum from last week as the ALSI futures hit fresh all-time highs to peak at 52 298 points. Major gainers on the day included healthcare stocks, Life Healthcare [JSE:LHC] and Netcare [JSE:NTC] which climbed 3.38% and 3.29% respectively. Brait [JSE:BAT] and BHP Billiton [JSE:BIL] also recorded some decent gains as they inched up 3.30% and 1.78% respectively. The biggest gainer of the day was the recent listing Stadio [JSE:SDO] which eventually closed up 19.19% to close at R7.39 per share, after the stock managed to reach an intra-day high of R7.89 per share.

The Rand remained under pressure relative to other major currency pairs. The local currency slid to an intra-day low of R13.86 against the greenback which supported stocks such as Richemont [JSE:CFR] and Sappi [JSE:SAP] as they closed 0.35% and 0.10% firmer respectively. A combination of firmer Gold prices and a weaker Rand also buoyed miners such as AngloGold Ashanti [JSE:ANG] and Harmony Gold [JSE:HAR] as they gained 1.88% and 3.25% respectively.

Despite the relatively firmer Gold prices Gold Fields [JSE:GFI] traded under pressure as it shed 0.76%. Other major losers included Bid Corp [JSE:BID] which shed 1.09%, Anglo American PLC [JSE:AGL] lost 1.49%, and Lonmin [JSE:LON] lost 3.63%.

The JSE All-Share Index closed up 0.52%, whilst the blue chip Top-40 Index gained 0.61%. The Industrials Index firmed by 0.52% whilst the Resources Index gained 0.94%. The Financials Index gained 0.27% despite a weaker Rand.

The US Dollar Index opened softer in today’s session as Asian markets digested Friday’s weaker than expected US Non-Farm Payrolls. As a result Gold managed to gain some momentum as it broke above $1280 per ounce to peak to an intra-day high of $1285.52 per ounce. The commodity was trading at $1281.41 per ounce just after the JSE closed.

Palladium was also firmer as it gained on the day to reach an intra-day high of $932.18 per ounce. It was recorded at $930.78 per ounce just after the JSE closed. Platinum was showing signs of strength earlier on but it subsequently lost ground to trade in the red for the better part of the day. The metal slid to an intra-day low of $911.42 per ounce before it was recorded at $914.74 per ounce at the close of the JSE.

Brent Crude was mostly flat in today’s session but JSE listed oil and gas producer, Sasol [JSE:SOL] traded firmer to close the day up 2.92%. The commodity was trading at $55.55 per barrel just after the JSE closed.

 

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