JSE firmer as global markets remain buoyant
The JSE surged for a second consecutive session on Tuesday as it tracked global markets higher.
US indices recorded fresh all-time highs led by tech shares as the main equity bourses continued to show signs of resilience. The upward momentum started off in Asia as the Hang Seng and Shanghai Composite Index closed 1.55% and 1% higher respectively. The Nikkei however closed 0.53% softer. Stocks in Europe traded mostly higher while US equity futures also pointed higher for most of the day’s session before the spot market opened.
On the currency market, the US dollar retreated against a basket of major currencies which saw gains being recorded for emergainsg market currencies including the rand. The local unit peaked at a session high of R14.71. At 17.00 CAT, the rand was trading 0.16% firmer at R14.78/$.
On the local bourse, gains were led by Omnia Holdings [JSE:OMN] which rallied on the back of the release of its half-year trading statement. The stock closed 9.6% higher at R30.14. Rand hedge, Sappi [JSE:SAP] found some traction despite the firmer rand as it surged 5.39% to close at R39.92. Coronation Fund Managers [JSE:CML] climbed despite recording declines in earnings and revenue in its full-year results, which saw the stock close 3.79% to close at R43.30. Rhodes Food Group [JSE:RFG] released an improved set of full year results which saw the stock gain 2.48% to close at R16.50. Index heavyweight, Naspers [JSE:NPN] surged 4.08% to close at R2248.02, while pharmaceutical giant Aspen Pharmacare [JSE:APN] added 2.6% to close at R122.36. Other significant gainers on the day included Nedbank [JSE:NED] which rose 2.5% to close at R238.76, and Anglo American PLC [JSE:AGL] which added 2.04% to close at R393.75.
Telkom [JSE:TKG] came under considerable pressure as it fell 3.84% to close at R52.63, while Brait [JSE:BAT] lost 2.39% to close at R15.12. Listed property stocks traded mostly softer with weakness being recorded for Intu Properties [JSE:ITU] which lost 3.16% to close at R7.36, Capital & Counties [JSE:CCO] which lost 0.88% to close at R49.61, and Growthpoint Properties [JSE:GRT] which lost a more modest 0.52% to end the day at R22.75. Losses were also recorded for Dis-Chem Pharmacies [JSE:DCP] which dropped 1.88% to close at R25.61 and DRD Gold [JSE:DRD] which fell 1.37% to close at R6.47.
The JSE Top-40 index closed 1.73% higher while the broader JSE All-Share index gained 1.6%. All the major indices closed higher on the day. Industrials gained 1.83%, Resources added 1.5% and Financials rallied 1.48%.
Brent crude continued to retreat from its overnight highs as it was recorded trading 1.57% weaker at $61.47/barrel just after the JSE close.
At 17.00 CAT, Gold was 0.09% firmer at $1469.37/Oz, Palladium had surged 1.11% to trade at $1756.83/Oz, and Platinum was up 1.16% at $904.80/Oz.
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