JSE firms as markets shift attention from trade war | Fin24
 
  • Budget Blowback

    Can Cyril Ramaphosa take the heat when the toyi-toyi starts? asks Ferial Haffajee.

  • Support Package

    Eskom will get R69bn in support over 3 years with strict conditions, the finance minister has said.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

JSE firms as markets shift attention from trade war

Sep 20 2018 19:09
Musa Makoni, GT247.com

The JSE firmed on Thursday along with other major global markets as focus shifted from the Sino-USA trade war.

Locally, the market was anticipating the interest rate decision by the SA Reserve Bank (SARB) which was released Thursday afternoon. The Monetary Policy Committee (MPC) voted to keep the repo rate unchanged at 6.5% however, it did highlight concerns about the deteriorating inflation outlook mainly being driven by supply-side factors.

The rand extended its gains against the US dollar as the greenback continued to trade under pressure against a basket of major of currencies. The local currency peaked at a session high of R14.37/$, and at the JSE close it was recorded at R14.42/$.
 
MTN Group [JSE:MTN] continued on its rebound as it gained 6.53% to end the day at R78.17 per share. Aspen [JSE:APN] which has also been trading under significant pressure lately, managed to add 2.33% to close at R177.27 per share. Bid Corporation [JSE:BID] rose to R313.12 after adding 1.66%, while Bidvest [JSE:BVT] firmed by 1.44% to close at R191.62 per share.

On the broader index, Impala Platinum [JSE:IMP] recorded a significant jump as the stock gained 14.87% to close at R22.63 per share. Fellow platinum miner Lonmin [JSE:LON], also firmed significantly to end the day 4.57% higher at R8.46, while Sibanye Stillwater [JSE:SGL] rose to R9.40 after adding 3.75%.
 
Some of the retailers retreated despite the firmer rand. Shoprite [JSE:SHP] lost 3.79% to close at R187.67, Mr Price [JSE:MRP] shed 1.85% to R219.10, and Spar Group [JSE:SPP] weakened by 1.09% to close at R188.56 per share. Remgro [JSE:REM] released a relatively decent set of FY18 earnings results on Wednesday, however, the stock pulled back in Thursday’s session to close at R209.00 after shedding 1.89%.
 
More pronounced losses were recorded for stocks on the broader index were Steinhoff International [JSE:SNH] fell by 7.97% to close at R2.54, while EOH Holdings [JSE:EOH] lost 5.75% to close at R34.07 per share. Kumba Iron Ore [JSE:KIO] traded under pressure as it fell to R271.41 after dropping 5.22%, and Famous Brands [JSE:FBR] lost 4.37% to close at R92.76 per share.

The broader JSE All-share Index closed 0.18% firmer, while the JSE Top-40 Index managed to add 0.25%. The resources index closed flat after it shed 0.05%, however, the industrials and financials indices firmed by 0.23% and 0.35% respectively.

Brent crude was trading flat earlier, however, it subsequently fell in the afternoon to a session low of $78.51/barrel. It was trading at $78.65/barrel just after the JSE close.

Gold was mostly unchanged and at 17.00 it was flat to trade at $1 204.67/Oz. Platinum was up 0.71% to trade at $829.92/Oz and palladium was 1.57% firmer to fetch $1 054.09/Oz.

At 17.00 Bitcoin was up 0.89% to trade at $6 417.00/coin, while Ethereum had firmed by 0.34% to trade at $211.80/coin.

markets

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

equities  |  jse  |  markets
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

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

Voting Booth

Do you think government can solve the Eskom crisis?

Previous results · Suggest a vote

Loading...