The JSE maintained its positive momentum to close higher, sharing positive global sentiment.

The rand continued its slide, trading at R13.67 against the dollar at the close of the JSE.  The weaker rand boosts locally listed shares with offshore exposure, inflating earnings in rands.  The dollar remains firm ahead of the release of US non-farm payroll numbers on Friday

The market was driven by a strong push by Naspers which climbed 2.88% to R3058.73 on the back of its Chinese investment, Tencent.  Tencent traded 3.15% higher in Hong Kong, due to increased usage of WeChat following a block on Whasapp by Chinese regulators. 

The All Share Index climbed by 1.04%, while the blue-chip Top 40 gained 1.07% closing at 50139 points.  All major index counters were in the green, led by the gold mining index which climbed 2.31% 

The price of gold edged higher to $1273/Oz but remains under pressure in recent weeks, as the dollar extends gains. 

Stadio [JSE:SDO], the newly listed Curro offshoot, closed at R5.80 from an open of R5.55.  Over 2,47 million shares were traded with a total turnover of R15.63 million.  The Curro [JSE:COH] share price subsequently took a hit, however shareholders were compensated with a stake in the newly listed company.

South African vehicle sales growth rose for the fourth consecutive month as sales continued to improve off a low base, pointing toward some improvement in demand for durable goods.  Total sales growth increased to 7%, marking the fourth consecutive month of growth and the highest monthly number since November 2015.  Sales for the quarter were up by 5.9%

Oil prices eased slightly to $55.94/bbl, oil has been on a tear due to reduced US output of refined product following the recent spate of hurricanes affecting ‘refinery alley’ in Texas.  Increased oil prices and a weaker rand spell doom and gloom for local petrol prices, with a price hike set for tomorrow.