Partner with US
Open Free Account


JSE rises as market shrugs off disappointing growth numbers

Musa Makoni

The JSE rebounded to close firmer on Wednesday as the market recovered from the previous session’s slump.

There was a minor disappointment on the economic data front as the SACCI business confidence indicator fell to 94.0 for the month of May. This was on the back of a prior recording of 96.0.

Stadio Holdings [JSE:SDO] closed at R4.91 per share after jumping 10.59%. Impala Platinum [JSE:IMP] and Sibanye-Stillwater [JSE:SGL] climbed 5.44% and 2.58% to close at R21.72 and R8.74 per share respectively. Exxaro [JSE:EXX] added 3.13% to close at R132.55 per share, while African Rainbow Minerals [JSE:ARM] also firmed by 3.13% to close at R115.39 per share.

On the blue-chip index Sappi [JSE:SAP] was buoyed by the softer Rand which saw the stock adding 2.05% to close at R86.62 per share. Index giant, Naspers [JSE:NPN], closed at R3385.56 per share after adding 2.69%, whilst BHP Billiton [JSE:BIL] and Anglo American PLC [JSE:AGL] closed at R301.29 and R322.34 per share after gaining 1.9% and 1.38% respectively.

Sanlam [JSE:SLM] came under pressure following the release of their operational update, and resultantly the stock ended the day 6.25% weaker at R75.96 per share. Harmony Gold [JSE:HAR] traded softer following the successful placing of new shares in order to raise capital. The stock closed at R19.80 per share after dropping 8.59%.

Investment holding firm, Reinet Investments [JSE:RNI] lost 2.5% to close at R235.48 per share, and Discovery Limited [JSE:DSY] weakened by 2.21% to end the day at R151.50 per share. Other top losers on the day included Lewis [JSE:LEW], Lonmin [JSE:LON] and Dis-Chem [JSE:DCP] which lost 7.64%, 4.19% and 3.15% respectively.

The JSE All-Share index closed in positive territory after gaining 0.52%, and the JSE Top-40 index closed 0.63% firmer. The weaker Rand saw the Financials index close softer for a second consecutive session as it lost 0.77%. The Industrials and Resources indices managed to add 0.82% and 1.16% respectively.

6 June-1

The Rand weakened even more from its overnight close to peak at a session high of R12.87/$. However it retraced to trade firmer on the day as the US dollar relinquished its earlier gains. At 17.00 CAT the Rand was trading at R12.69/$, up 0.5% for the day.

Following Tuesday’s slump, metal commodities bounced to trade mostly in the green. Gold briefly broke above $1300/Oz to reach a session high of $1301.84/Oz, however it was trading below that level at 17.00 CAT as it was recorded at $1299.15/Oz. Platinum was trading 0.5% firmer at $906.40/Oz and Palladium was trading at $1015.90/Oz, 2.19% firmer on the day.

Brent crude slid even further following the increase in US crude inventories as indicated by data released today. The commodity slipped to session low of $74.46/barrel and it was trading marginally firmer at $74.61/barrel just after the JSE close.

Ethereum inched up 2.12% to trade at $608.12/coin at 17.00 CAT, whilst Bitcoin was trading 1.9% firmer at $7629.50/coin.

gt247 Partnership Affiliate Program