login
Open Free Account

Resources

Sasol surges 17.24%

/
Musa Makoni

 

The local bourse closed firmer for a second consecutive session led by strong gains from the financials index, MTN and Sasol.

The financials index rebounded strongly following weakness in the prior session which was induced by the weaker rand and the downgrade of South Africa’s sovereign rating. The JSE managed to record healthy gains even as other major global markets struggled for direction. In Asia, the Hang Seng and the Shanghai Composite Index advanced 1.85% and 0.33% respectively, while the Nikkei retreated 0.88%. The outlook was mixed for both Europe and the USA as investors tried to gauge whether the market had seen the last of the recent weakness.

The rand also gained traction in today’s session as it peaked at a session high of R17.78/$. At 17.00 CAT, it was trading 0.35% firmer at R17.85/$.

GT247, South Africa's Top Online Stockbroker, as voted by Intellidex, will continue to operate their powerful MT5 trading platform during the COVID-19 lockdown period. The trading team has assembled their workstations at home and are operational remotely. Clients may experience slight delays in support queries but trading online will resume as normal. Please use our FAQ self-help portal or email supportdesk@gt247.com if you require assistance.

 

Trade the market now

 

On the JSE, MTN Group [JSE:MTN] closed amongst the day’s biggest gainers as it closed 19.19% higher at R48.39 following the issue of a no change statement. Sasol [JSE:SOL] issued a statement updating on its oil hedges as well as its response to the Covid-19 lockdown. This saw the share rocket 17.24% as it closed at R36.93. Absa Group [JSE:ABG] also issued a no change statement which saw the share jump 18.48% to close at R75.00. Other financials stocks were bolstered by the firmer rand which saw gains being recorded for Nedbank [JSE:NED] which rallied 12.92% to close at R82.66, as well as FirstRand [JSE:FSR] which climbed 7.42% to close at R40.27. Gains were recorded for listed property stocks which saw stocks such as Hammerson PLC [JSE:HMN] which rallied 15.45% to close at R16.96, as well as Growthpoint Properties [JSE:GRT] which surged 10.57% to close at R12.87. Significant gains were also recorded for Discovery Ltd [JSE:DSY] which advanced 6.62% to close at R77.96, Old Mutual [JSE:OMU] which added 8.02% to close at R11.85, and Capitec Bank Holdings [JSE:CPI] which closed at R880.00 after rising 6.26%.

 

31 March

 

Gold miners took a backseat in today’s session as declines were recorded for DRD Gold [JSE:DRD] which lost 8.98% to close at R10.24, and for Gold Fields [JSE:GFI] which fell 7.61% to close at R92.28. Sibanye Stillwater [JSE:SSW] lost 6.08% to close at R22.57, while AngloGold Ashanti [JSE:ANG] closed at R319.11 after losing 5.63%. Sappi [JSE:SAP] was one of the day’s biggest losers after it fell 8.22% to close at R21.00, while Kumba Iron Ore [JSE:KIO] lost 1.3% to close at R280.06. Losses were also recorded for Motus Holdings [JSE:MTH] which lost 5.56% to close at R27.20, Lighthouse Capital [JSE:LTE] which dropped 3.17% to close at R6.10, and Pick n Pay [JSE:PIK] which closed at R60.60 after losing 1.54%.

The JSE All-Share index closed 2.48% higher while the JSE Top-40 index gained 2.47%. The Financials index was the biggest gainer of the day after jumped 7.03%. The Industrials and Resources index gained 2.29% and 0.49% respectively.

Brent crude was trading mostly flat as it was recorded trading 0.3% softer at $26.34/barrel just after the JSE close.

At 17.00 CAT, Gold was down 0.75% at $1609.61/Oz, Platinum was up 1.17% at $735.83/Oz, while Palladium had surged 4.79% to trade at $2436.61/Oz.


Disclaimer:

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.

SEARCH ALL RESEARCH