The JSE edged higher despite a firmer rand and a relatively flat trading session.
The rand firmed to R14.07/$ after having traded above R14.12/$ for the better part of today’s session. The strengthening rand further supported rand sensitive stocks such as the banks as Capitec [JSE:CPI] gained +1.66% and Standard Bank [JSE:SBK] +1.22%, leading the blue-chip Top 40 index.
The JSE All-Share Index closed the day 0.28% firmer whilst the blue-chip JSE Top-40 Index firmed by 0.14%. The Industrials Index firmed by 0.31% whilst the Financials Index also gained 0.44%. The Resources Index traded under pressure as it lost 0.09%.
Shoprite [JSE:SHP] slipped 2.39% to R202.77 a share as the business announced that it is considering entering the Kenyan market. The company has engaged the struggling, but established, retailer Nakumatt Holdings to fill empty retail space. Moving in to vacated outlets is a faster method than trying to establish a fresh footprint in a well-established Kenyan market.
Within one week after pushing past $6,000, bitcoin broke through the $6,300 mark for the first time late Sunday, taking gains this year to well over 500%. Investors appear to be shrugging off some of the negative news associated with last week's "hard fork," which resulted in the creation of a new cryptocurrency called bitcoin gold.
In US markets, rumors surfaced that President Trump has settled on Fed Governor Jerome Powell as next Fed Chairman, if confirmed, he would take up the reins at the central bank in February. In an Instagram post on Friday, the president said he had "somebody very specific in mind" for the job and would announce his choice sometime this week.
The vice chairman's spot is also open, but Treasury Secretary Mnuchin says the White House doesn't plan on nominating for both positions at the same time.
Gold found some reprieve after the US dollar slid towards the close of the JSE. Gold traded at $1275/Oz at the close of the market, pushing the Gold miners index 0.59% firmer.
Brent Crude had another positive day as it broke $60 per barrel overnight, and traded at $60.34/bbl at the close of local markets. Sentiment remains largely bullish in the commodity as OPEC is expected to agree to the extension of production cuts until the end of 2018, moves in the oil price benefit exploration and drilling companies as well as the businesses that supply machinery to the industry.
