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JSE starts the week in the green as industrials advance

Mar 11 2019 18:21
Musa Makoni, GT247.com

The JSE held on to its gains to close marginally firmer on Monday mainly on the back of gains recorded on the industrials index.

Equities in Asia traded mostly firmer despite the weaker United States jobs data report from Friday.

In China, the Shanghai Composite Index closed 1.98% firmer while the Hang Seng managed to gain 0.97%.

In Europe, all the major equity indices also traded mostly firmer as the risk appetite for stocks improved with the decline in treasuries.

On the JSE, Multichoice led the pack as the stock rallied 5.76% to end the day at R112.95, while index heavyweight Naspers [JSE:NPN] gained 2.44% to close at R3146.53.

GT247.com

MMI Holdings [JSE:MMI] was also buoyant on the day as it climbed 5.73% to R16.60 to finish amongst the day’s biggest movers. Astral Foods [JSE:ARL] rose 4.75% to close at R167.08, while Rhodes Food Group [JSE:RFG] added 4.08% to close at R17.36.

Telecoms provider, MTN Group [JSE:MTN] managed to post gains of 3.37% as it closed at R92.92, while diversified miner BHP Group [JSE:BIL] gained 1.29% to close at R326.37. Aspen Pharmacare [JSE:APN] had a minor reprieve as it closed 1.82% firmer at R102.49.

On the contrary, another difficult trading session ensued for Tongaat Hulett [JSE:TON] as the stock slumped 19.32% to close at R17.75.

Old Mutual [JSE:OMU] retreated mainly on the back of the release of its full-year results which were relatively weaker. The stock lost 5.46% to close at R20.59.

Sibanye Stillwater [JSE:SGL] lost 4.94% to close at R14.04, AngloGold Ashanti [JSE:ANG] dropped 4.77% to R182.83 and Lonmin [JSE:LON] lost 3.59% to end the day at R12.64.

Retailer, Truworths International [JSE:TRU] closed 4.05% weaker at R71.75, while Rand Merchant Investment Holdings [JSE:RMI] lost 3.13% to close at R31.90 following the release of its financial results.

The JSE Top-40 index eventually closed 0.31% weaker while the broader JSE All-Share index dropped 0.27%. The Financials index came under significant pressure as it fell 1.59%, however the Industrials and Resources indices managed to gain 0.84% and 0.44% respectively.

The rand advanced against the greenback which saw it peak at a session high 14.32/$. At 17:00, it was trading 0.58% firmer at R14.35/$.

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