The JSE traded firmer as most sectors closed in the green, as US markets soared to record highs yesterday after the Senate Budget Committee approved Trump’s tax bill.
The rand firmed toward the end of the session, closing at R13.69 to the dollar, as the dollar firmed against most major currencies.
The All-Share index climbed 0.56% to 60418, matched by the blue-chip Top 40 gaining 0.58%. The market was led by gains across most sectors, with Resources firming 0.63%, Financials firming 0.58%, and Industrials 0.53%
North Korea declared it had successfully tested a new ICBM overnight that put all of the U.S. mainland within range, but investors and analysts were unfazed by the latest provocation. Gold eased to $1285/Oz, putting pressure on local miners, with the Gold mining index slipping 0.12%
Naspers [JSE:NPN] released interim results mid-afternoon, the share price gained 0.77% to trade at R3809 per share. While the results at face value appear strong, taking a deeper look presents a mixed outcome with Tencent continuing to do the heavy lifting. MultiChoice SA remains positive, but was affected by currency fluctuations and weaker trading as competitors enter the market, the Africa division turned positive having benefitted from a stabilizing situation. In summary, Naspers is still losing money overall on most of their e-commerce ventures whilst Tencent flatters the result.
Consumer goods group Steinhoff was up 2.65% to R56.48 as the company continues to reject claims that link them to accounting irregularities.
Small cap share Master Plastics [JSE:MAP] reached a high of R1.90 per share, the company has doubled its share price in the last 6 months.
Recently listed Long4Life [JSE:L4L] gained 1.71% to R4.75 following an announcement that Investec had increased their stake in the business to 10% earlier in the week.
Wall Street soared to record closing highs yesterday after the Senate Budget Committee approved the Republican tax bill, a crucial procedural step toward a vote by the full chamber later this week. The next big market event will be today's second estimate of third-quarter economic growth. GDP probably increased at a 3.2% annualized rate instead of the previously reported pace of 3%.
