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Another record day for the JSE

Oct 05 2017 19:24
Martin Harris, EasyEquities
JSE,jse


Company Data

VODACOM GROUP LIMITED [JSE:VOD]

Last traded 129
Change 2
% Change 2
Cumulative volume 1051362
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town – The JSE stretched further into record territory on Thursday, finishing marginally higher than its peak on Wednesday.   

Vodacom [JSE:VOD] emerged as market winner on the Top 40, after falling to R143.11 on Wednesday.

The sharp drop on Wednesday followed an announcement that the mobile phone operator faces an investigation by the Competition Commission into a R5bn contract with National Treasury.  The commission said it had initiated the investigation for “abuse of dominance”.  

The share climbed to R154.65 on Thursday following an announcement by Vodacom’s chief executive Shameel Joosub that the group had followed due process in bidding for the government contract.  

The rand continued to slide against dollar strength, and was trading at R13.63 against the greenback at the close of the market.  

The Al-Share index closed 0.44% higher, while the Top 40 gained 0.48%.  The market was led by industrials gaining 0.51% on the back of the weakening rand.

Gold miners, however, slipped 0.66% as the price of gold continues to edge lower.

The precious metal fell to $1 273 per ounce, as positive US jobs and services data suggested that the US market could accommodate the Fed raising interest rates again this year. 

A stronger dollar makes dollar-priced gold more expensive for non-U.S. investors. 

International 

European bourses are providing mixed data after posting back-to-back losses for the first time in a month, with the Stoxx Europe 600 index up 0.16%.

Germany's DAX edged 0.02% lower after a record close, while Spain's IBEX 35 is rebounding from a large drop on Wednesday with a 2.51% gain.  

In the US, speculation is ramping up over the potential impact of former Fed governor Kevin Warsh being appointed as the next chairman of the central bank.

Warsh favours reduced regulation on banks and could de-emphasise the Fed's reliance on utilising an inflation target as a guide for interest rate hikes. 

Crude oil prices, meanwhile, rose 2.38% to reach $57.12 per barrel after a stretch of declines tied to oversupply concerns and some booking of profits.

Traders will have their eyes on a tropical depression that could develop into a hurricane that may threaten the US Gulf Coast on Sunday.  


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