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Resources lead minor recovery on the JSE

Musa Makoni

The JSE inched higher on Friday on the back of a rebound which was led the resources index.

After what has been a bruising week for global stocks, most global indices tracked marginally higher on Friday despite the underlying concerns around the trade war. Markets also reacted to the United Kingdom prime minister’s announcement that she would be stepping down on the 7th of May. The sterling pound had a volatile session while the US dollar was marginally firmer.

The rand recovered marginally from its overnight weakness as it peaked at a session high of R14.38/$. At 17.00 CAT, the rand had retraced to trade 0.17% firmer at R14.43/$.

On the local bourse, significant gains were recorded for Telkom [JSE:TKG] which managed to gain 5.83% to close at R86.46, while Curro Holdings [JSE:COH] advanced 3.35% to close at R25.01. Diversified mining giant Anglo American PLC [JSE:AGL] gained 1.65% to close at R353.31, while its industry peer BHP Group [JSE:BHP] gained 1.61% to close at R328.00. Coal miner Exxaro Resources [JSE:EXX] was one of the day’s top gainers after it advanced 4.17% to close at R161.30, while Kumba Iron Ore [JSE:KIO] rose 2.5% to close at R442.03. Discovery [JSE:DSY] firmed by 1.84% to close at R136.75, while Vodacom Group [JSE:VOD] gained 1.77% to close at R117.00.

Brait [JSE:BAT] struggled on the day as it fell 8.46% to end the day at R18.72, while rand hedge Sappi [JSE:SAP] lost 4.13% to close at R53.17. Gold miners fell on the day with losses being recorded for Harmony Gold which dropped 4.9% to close at R22.92 while Sibanye Stiilwater [JSE:SGL] dropped 4.65% to end the day at R11.49. Old Mutual [JSE:OMU] had a volatile session as it fell as low as R20.40 following news of the suspension of its  CEO. The stock eventually closed 3.23% weaker at R21.00.Multichoice Group [JSE:MCG] fell 2.22% to close at R124.82, while Mediclinic [JSE:MEI] dropped 1.7% to close at R58.48.

The JSE All-Share index eventually closed 0.28% firmer while the JSE Top-40 index also added 0.28%. All the major indices managed to advance with the biggest gainer being the Resources index which gained 0.88%. The Industrials and Financials indices gained 0.135 and 0.15% respectively.

At 17.00 CAT, Gold was up 0.03% to trade at $1283.77/Oz, Platinum had gained 0.16% to trade at $800.80/Oz, and Palladium was up 1.16% to trade at $1326.40/Oz.

Brent crude remained subdued as it retreated further in today’s session. It was trading 0.18% weaker at $67.64/barrel just after the JSE close. 


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