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Johannesburg - The JSE closed in positive territory on Monday afternoon after a quiet start to the day saw industrials and resources gain significantly in late afternoon due to a weaker rand and higher Dow futures.
“We’ve seen a play on sectors today‚ resources were weak this morning and picked up this afternoon‚ and banks came under pressure this morning but closed flat‚” said Michele Santangelo‚ a portfolio manager at Vunani Private Clients.
At 17:00‚ the JSE All Share [JSE:J203] index had gained 1.06% to 41 432.46 points‚ with industrials 1.11% firmer and resources up 1.47%. Banks closed flat (0.06%).
International markets were quiet as a result of the Memorial Day holiday in the US and the Spring Bank Holiday in the UK. Asian markets continued to see selling as a result of commodity demand fears with Japan’s Nikkei 225 equity index having lost more than 10.5% over the last three sessions.
“The rand slid past the R9.61/$ level which has spurred on a couple of the rand hedges like SAB and Sasol‚ and we’ve also seen Dow futures push into positive territory which has helped lift the rest of the market.”
Among individual stocks Anglo American (AGL) gained 1.51% to R229.70‚ BHP Billiton (BIL) added 1.05% to R281.90 and Sasol (SOL) was up 3.39% to R437.50.
SAB Miller (SAB) gained 2.42% to R508.39‚ Imperial (IPL) and Compagnie Richemont (CFR) firmed 2.92% to R218.19 and 1.55% to R89.21 respectively.
“Retailers are still quite weak‚ and I still think that’s on fears over unsecured lending‚ especially seeing as African Bank and Capitec are down as much as they are today‚” said Santangelo.
Capitec (CPI) was down 3.69% to R190 and rival African Bank (ABL) gave away 2.91% to R16.70.
Among retailers Truworths (TRU) and Woolworths (WHL) were the biggest losers down 1.88% to R88 and 1.29% to R76.45 respectively.
“We’ve seen a play on sectors today‚ resources were weak this morning and picked up this afternoon‚ and banks came under pressure this morning but closed flat‚” said Michele Santangelo‚ a portfolio manager at Vunani Private Clients.
At 17:00‚ the JSE All Share [JSE:J203] index had gained 1.06% to 41 432.46 points‚ with industrials 1.11% firmer and resources up 1.47%. Banks closed flat (0.06%).
International markets were quiet as a result of the Memorial Day holiday in the US and the Spring Bank Holiday in the UK. Asian markets continued to see selling as a result of commodity demand fears with Japan’s Nikkei 225 equity index having lost more than 10.5% over the last three sessions.
“The rand slid past the R9.61/$ level which has spurred on a couple of the rand hedges like SAB and Sasol‚ and we’ve also seen Dow futures push into positive territory which has helped lift the rest of the market.”
Among individual stocks Anglo American (AGL) gained 1.51% to R229.70‚ BHP Billiton (BIL) added 1.05% to R281.90 and Sasol (SOL) was up 3.39% to R437.50.
SAB Miller (SAB) gained 2.42% to R508.39‚ Imperial (IPL) and Compagnie Richemont (CFR) firmed 2.92% to R218.19 and 1.55% to R89.21 respectively.
“Retailers are still quite weak‚ and I still think that’s on fears over unsecured lending‚ especially seeing as African Bank and Capitec are down as much as they are today‚” said Santangelo.
Capitec (CPI) was down 3.69% to R190 and rival African Bank (ABL) gave away 2.91% to R16.70.
Among retailers Truworths (TRU) and Woolworths (WHL) were the biggest losers down 1.88% to R88 and 1.29% to R76.45 respectively.
