Rand strength capped gains on the JSE.  The rand gained 0.60% against a weak dollar and traded at R12.83 against the greenback at the close of the trading session on Thursday.

The All-share index climbed 0.74% to 55,808 points and the blue-chip Top 40 gained 0.86% to 49,353 points.  All sectors remained in the green, with the gold mining sector capped by the firmer rand, and edged 0.24% higher whilst the price of gold gained 0.99% to $1347/Oz.

The industrial index climbed 0.98%, resources gained 0.57% and financials moved 0.43% higher.

Mining and Manufacturing statistics for July were released on Thursday.  Growth in annual mining production slowed to an annualized 0.9% in July, from 1.3% in June as production declined in iron ore, platinum group metals, other metallic minerals, coal and building materials. 

Manufacturing production for July contracted by an annualized 1.4%, with the drop due to weak output in the ’petroleum, chemical products, rubber and plastic products’ category.  This outweighed the impact of a stronger contribution from the ‘basic iron and steel, non-ferrous metal products and machinery’ category. 

While the GDP figures show that the country has emerged from recession, the outlook on mining and manufacturing growth paints a less positive picture. 

Sanlam [JSE:SLM] fell 1.2% to R67.71 after the company reported a 18% drop in half-year profit.  Normalised HEPS saw a 5% rise to R4.481bn, deferred tax assets of R1.275bn - in respect of certain assessed losses in the policyholder funds, after the introduction of a separate Risk Policy Fund for South African insurance companies during 2016 - saw headline earnings fall 18% to R4.565bn from R5.597bn. 

U.S. stock index futures were positive at the close of the JSE, following gains in the previous session, which came as a result of President Trump agreeing with Democrats to keep the government operating and raise the U.S. debt ceiling. Impressively yesterday the Dow saw its fifth positive session in six, the S&P saw its seventh positive session in eight and the Nasdaq saw its eighth positive session in nine. The proposed extension is tied to a Hurricane Harvey relief package. 

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