The JSE got off to a slow start but it managed to gain towards the close to end the day firmer on Monday.
The local bourse traded relatively flat as the index struggled to find a catalyst for significant direction. Gains were limited particularly amongst blue-chip counters, where two of the index’s constituents released their earnings results.
Sappi [JSE:SAP] ended the day up 3.52% to close at R83.50 per share as the stock was buoyed by the release its second quarter results. Mediclinic [JSE:MEI] and NEPI Rockcastle [JSE:NRP] also recorded gains of 2.26% and 1.52% respectively. Index heavyweights Naspers [JSE:NPN] and Richemont [JSE:CFR] added 0.88% and 1.52% respectively.
Gains were more pronounced on the broader index where Lonmin [JSE:LON] ended as they day’s biggest gainer after adding 6.84% to close at R8.59 per share. Sibanye-Stillwater [JSE:SGL] firmed by 5.63% to close at R9.38 per share. Other significant moves higher were recorded in Tradehold [JSE:TDH] and Raubex [JSE:RBX] which gained 6.46% and 6.72% respectively, whilst Sun International [JSE:SUI] and Ascendis Health [JSE:ASC] added 4.38% and 6.32% respectively.
Vodacom’s [JSE:VOD] earnings results came in lower than expected for the year ended 31 March 2018 mainly due to their acquisition of Safaricom. The stock lost 2.57% to close at R152.96 per share as a result. Discovery Limited [JSE:DSY] shed 2.02% to close at R165.00 per share, whilst bankers, First Rand [JSE:FSR] and Standard Bank [JSE:SBK] lost 0.23% and 0.61% respectively.
Stadio Holdings [JSE:SDO] was one of the day’s biggest losers after shedding 6.31%. Astral Foods [JSE:ARL] came under pressure despite an improvement in their half-year earnings results compared to the corresponding prior recorded period. The stock ended the day down 5%. Other stocks which came under pressure included Afrimat [JSE:AFT], Pan-African Resources [JSE:PAN] and Rhodes Food Group [JSE:RFG] which lost 2.47%, 3.08% and 3.37% respectively.
The JSE All-Share Index eventually closed 0.33% firmer after struggling for the better portion of today’s session, whilst the JSE Top-40 Index ended the day up 0.34%. The Financials Index lost 0.26%, however the Industrials and Resources Indices managed to add 0.43% and 0.63% respectively.
The Rand strengthened against the greenback earlier on to peak at a session high of R12.18/$. However the local currency reversed all the gains which saw the currency slide to a session low of R12.30/$. At 17.00 CAT the Rand was trading at R12.27/$.
Gold was range bound between $1317.96/Oz and $1322.40/Oz. At 17.00 CAT it was trading at $1319.97/Oz, only up 0.03% for the day. Platinum and Palladium traded firmer on the day which saw them trading at $919.09/Oz and $1001.85/Oz at 17.00 CAT.
Brent Crude gained more than 1% in today’s trading session to peak at a session high of $78.22/barrel. Just after the JSE close the commodity was still trading firmer at $78.13/barrel.