JSE mildly firmer amid indecision on the Trump-Kim summit | Fin24
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JSE mildly firmer amid indecision on the Trump-Kim summit

Jun 12 2018 19:41
Musa Makoni, GT247.com

The JSE closed firmer on Tuesday as global markets were undecided on the implications of the meeting between Donald Trump and the North Korean leader.

The historic meeting took place in Singapore and it is reported that the North Korean leader agreed to complete denuclearisation. However, the details of the deal are unclear therefore there was very limited reaction in the financial markets.

More focus seems to be on the US Fed rate decision expected on Wednesday and more so on the Fed’s plans for scaling back on quantitative easing.

On the JSE, miners trended mostly lower with Sibanye-Stillwater [JSE:SGL] losing 3.8% to end the day at R8.85 per share. Kumba Iron Ore [JSE:KIO] weakened to R309.32 per share after dropping 3.38%, while Anglo American PLC [JSE:AGL] lost 2.07% to close at R321.59 per share.

Rand hedges had a sluggish session where British American Tobacco [JSE:BTI] lost 0.41% to end at R656.42 per share, and Mondi Ltd [JSE:MND] closed 1.59% softer at R367.71 per share. Other significant moves lower were recorded in Brait [JSE:BAT] and Dis-Chem [JSE:DCP] which lost 0.56% and 2.25% respectively.

Mediclinic [JSE:MEI] was amongst the blue-chip index’s top gainers after adding 3.7% to close at R98.41 per share. Bidcorp [JSE:BID] added 2.84% to close at R272.00 per share, Bidvest [JSE:BVT] 1.84% to close at R204.00, and Old Mutual rose by 2.97% to end the day at R39.10 per share. Discovery [JSE:DSY] and Aspen [JSE:APN] gained 0.62% and 2.32% to close at R146.00 and R246.98 per share respectively.

After trading relatively flat the JSE All-Share index eventually closed 0.11% firmer while the blue-chip index JSE Top-40 index rose by 0.14%. The industrials and financial indices added 0.33% and 0.51% respectively, however the resources index slipped by 0.66%.

The rand traded mixed as it swung between gains and losses. The local currency managed a session high of R13.13/$ before retracing to trade at R13.20/$ at 17.00 CAT.

Gold traded weaker on the day as the US dollar inched higher earlier on. The precious metal did not recover from the minor slump and at 17.00 CAT it was trading 0.09% softer at $1299.56/Oz. Platinum was trading flat at $905.13/Oz while palladium was 0.15% firmer at $1024.13/Oz.

Brent crude eased in the afternoon after the Organisation for Petroleum Exporting Countries indicated there are some uncertainties with regards to future demand. The commodity retraced to trade 0.17% firmer just after the JSE close, at $76.59/barrel.

After the slump recorded on Monday, Bitcoin traded mostly flat to be recorded at $6747.42/coin at 17.00 CAT, only up 0.45% for the day and Ethereum was 0.23% firmer at $523.36/coin.

The JSE market update is from GT247.coman online broker and authorised financial services provider.

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jse  |  trump  |  equities  |  markets


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