Johannesburg - A stronger rand gave banks and industrials impetus to support the JSE‚ which was firmer during midday trade.
At 12:06‚ the All Share [JSE:J203] index was up 0.49%‚ banks gained 1.17%‚ financials added 0.66% and industrials edged 0.49% higher. Mining stocks were down‚ with gold counters losing 0.85% and platinums falling 0.46%.
“We’re seeing the market bouncing back from short-term levels where it has been oversold‚ and the rand is stronger which is good for the financial sector and retailers‚” said a local trader.
FirstRand (FSR) led gains among banking shares‚ rising 2.07% to R27.10. Capitec (CPI) added 1.49% to R189.92‚ and Nedbank (NED) gained 1.08% to R168.81.
Among retailers‚ Shoprite (SHP) advanced 2.10% to R175.29‚ Pick n Pay (PIK) added 1.44% to R40.07‚ and Wooolworths (WHL) gained 1.59% to R64.50.
Shares on the JSE that were ex-dividend were mixed‚ with construction company Basil Read (BSR) down 16.83% to R8.55 and MediClinic (MDC) lower by 1.40% to R66.05‚ while MTN Group added 1.04% to R177.09 and Mr Price (MPC) gained 0.67% to R120.30.
Telkom (TKG) was up 1.70% to R15.57 despite reporting a 73.2% decline in headline and diluted headline earnings per share to 87c for the year ended March.