Blue chip counters propel JSE higher | Fin24
 
  • Mboweni on State Capture

    The new finance minister has described state capture as a 'great public sector heist'

  • Kganyago on Populism

    The central bank head says SA must learn economic lessons from Venezuela and Zimbabwe.

  • Up in the Air

    Uber Air could see SA shoppers flying to malls via skyports, says a company executive.

Loading...

Blue chip counters propel JSE higher

May 04 2018 18:45
Musa Makoni, EasyEquities

Johannesburg - The JSE firmed on Friday as it rebounded from the aggressive sell-off recorded on Thursday.

The local bourse was buoyed by US markets which closed firmer on Thursday, despite an aggressive sell-off for the better half of that trading session. Locally, the index opened firmer and added on to its gains during the course of today’s trading session as global markets anticipated the release of key US jobs economic data.

Index heavyweight Naspers [JSE:NPN] helped propel the index higher as it jumped 4.88% to close at R3019.33 per share. This was despite Tencent Holdings closing lower on the Hang Seng earlier on.

BHP Billiton [JSE:BIL] added 1.11% to close at R272.12/share, while banks such as Barclays Africa [JSE:BGA] and Standard Bank [JSE:SBK] added 1.85% and 1.08% respectively.

Mondi Plc [JSE:MNP] and Bidvest [JSE:BVT] recorded gains of 1.15% and 1.23% respectively. Royal Bafokeng Platinum [JSE:RBP] recorded another positive move after it added 5.38%.

EOH Holdings [JSE:EOH] added 0.88%, while Coronation [JSE:CML] and Grindrod [JSE:GND] inched up 1.88% and 4.01% respectively.

The biggest slide of the day was recorded in Dis-Chem [JSE:DCP], which lost 13.86% to close at R30.40 per share. This was mainly on the back of their full-year results released today, which missed most analysts’ estimates despite recording a profit.

Steinhoff International [JSE:SNH] lost 9.05% to close at R1.91 per share, while Zeder Investments [JSE:ZED] and Datatec [JSE:DTC] lost 3.02% and 4.18% respectively.

On the Top-40 index, AngloGold Ashanti [JSE:ANG] and Gold Fields [JSE:GFI] traded softer as gold prices eased from their overnight highs. The two stocks lost 3.04% and 1.97% respectively.

British American Tobacco [JSE:BTI] and Bid Corporation [JSE:BID] lost 1.28% and 2.28% respectively, while listed property companies Redefine Properties [JSE:RDF] and Growthpoint Properties [JSE:GRT] shed 0.85% and 2.58% respectively.

The JSE All-Share Index ended the day 0.65% higher, while the blue-chip Top-40 Index gained 0.92%. All the major indices managed to close in the green, which saw the Industrials Index gain 1.23%, while the Resources and Financials Indices added 0.26% and 0.11% respectively.

The rand traded mostly flat. However, there was some volatility recorded when the USA released its jobs data this afternoon. The local currency slid to a session low of R12.66/$ before rebounding to trade at $12.58/$ at 17.00 CAT.

The US dollar also traded relatively mixed, but it was stronger compared to its overnight close. This resulted in gold metal prices sliding to a session low of $1308.06 per ounce, before rebounding to trade at $1311.20/oz at 17.00 CAT.

At that same time platinum and palladium were trading at $904.69/oz and $963.40/oz respectively.

Brent crude traded intermittently between gains and losses, and just after the JSE close the commodity was trading at $73.94 per barrel.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

equities  |  jse  |  markets
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#MINIBUDGET2018

All eyes are on Tito Mboweni as he readies to deliver his maiden mini budget speech amid an ailing economy and eroded confidence.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

MiniBudget2018:

Previous results · Suggest a vote

Loading...