The JSE pared earlier losses and climbed towards the close to eventually close firmer on Friday.
The local bourse got off to weaker start despite moderate gains in Asian markets in earlier trading. The Japanese Nikkei and the Shanghai Composite Index managed to rise 0.16% and 0.29% respectively, however the Hang Seng retreated 0.13%. In Europe and the USA stocks traded mostly firmer on the day.
Global sentiment remained mostly bullish primarily on the back of looser monetary policy stances from the world’s biggest central banks which are aimed at stimulating growth in a slowing global and domestic economies. However, focus should shift back to the trade war between China and the USA as negotiators embark on a fresh round of talks to bring some resolutions to the protracted escalations.
The rand retreated on the day as it was weighed down by a firmer greenback. At 17.00 CAT, it was trading 0.8% weaker at R14.93/$ as it showed signs for further weakness.
Brait [JSE:BAT] has continued to climb following the news of its proposed strategic turnaround. The stock surged 5.94% to close at R15.88. Miners tracked mostly higher on the day with significant gains being recorded for Sibanye Stillwater [JSE:SGL] which gained 7.34% to close at R19.02, African Rainbow Minerals [JSE:ARI] which climbed 4.38% to end the day at R154.00, and South32 [JSE:S32] which added 1.22% to close at R27.37. Rand hedge Bid Corporation [JSE:BID] gained 2.45% to close at R332.00, while AB InBev [JSE:ANH] added 3.35% to close at R1442.11. Retailer, Pick n Pay [JSE:PIK] gained 2.27% to close at R62.99 despite a weaker rand, while Woolworths [JSE:WHL] added 1.29% to close at R58.22.
Tsogo Sun Gaming [JSE:TSG] tumbled in today’s session as it closed 7.65% lower at R12.79. Investec PLC [JSE:INP] came under pressure following the release of a weaker trading statement which saw the stock retreat 6.6% at R83.96. African Rainbow Capital [JSE:AIL] lost 5.53% to close at R4.10, while RCL Foods [JSE:RCL] tumbled 4.71% to close at R9.30. Other significant losers on the day included Intu Properties [JSE:ITU] which lost 4.19% to close at R7.32, Barloworld [JSE:BAW] which dropped 2.51% to close at R116.75, and ABSA Group [JSE:ABG] which closed at R163.00 after falling 2.58%.
The JSE All-Share index eventually closed 0.58% firmer while the JSE Top-40 index added 0.56%. The Financials index lost 1.37%, however the Resources and Industrials indices managed to post gains of 1.06% and 0.92% respectively.
At 17.00 CAT, Gold was 0.36% firmer at 41504.29/Oz, Platinum had gained 0.63% to trade at $944.45/Oz, and Palladium was up 1.56% at $1648.85/Oz.
Brent crude continues to trade mixed and it was recorded trading 0.45% firmer at $64.70/barrel just after the JSE close.
Any opinions, news, research, reports, analyses, prices, or other information contained within this research is provided by GT247.com at GT247 (Pty) Ltd t/a GT247.com (“GT247.com”) as general market commentary, and does not constitute investment advice for the purposes of the Financial Advisory and Intermediary Services Act, 2002. GT247.com does not warrant the correctness, accuracy, timeliness, reliability or completeness of any information which we receive from third party data providers. You must rely solely upon your own judgment in all aspects of your trading decisions and all trades are made at your own risk. GT247.com and any of its employees will not accept any liability for any direct or indirect loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on the market commentary. The content contained within is subject to change at any time without notice.