Thu, 01 Oct 2020

Local bourse inches higher after slow start

21 Sep 2019, 04:14 GMT+10

The JSE pared earlier losses and climbed towards the end of the day to eventually close firmer on Friday. The local bourse got off to weaker start despite moderate gains in Asian markets in earlier trading.

The Japanese Nikkei and the Shanghai Composite Index managed to rise 0.16% and 0.29% respectively, however the Hang Seng retreated 0.13%. In Europe and the US, stocks traded mostly firmer on the day.

Global sentiment remained mostly bullish primarily on the back of looser monetary policy stances from the world's biggest central banks which are aimed at stimulating growth in a slowing global and domestic economies.

However, focus should shift back to the trade war between China and the USA as negotiators embark on a fresh round of talks to bring some resolutions to the protracted escalations. The rand retreated on the day as it was weighed down by a firmer greenback.

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At 17:00 CAT, it was trading 0.8% weaker at R14.93/$ as it showed signs for further weakness. Brait [JSE:BAT] has continued to climb following the news of its proposed strategic turnaround. The stock surged 5.94% to close at R15.88. Miners tracked mostly higher on the day with significant gains being recorded for Sibanye Stillwater [JSE:SGL] which gained 7.34% to close at R19.02, African Rainbow Minerals [JSE:ARI] climbed 4.38% to end the day at R154.00, and South32 [JSE:S32] added 1.22% to close at R27.37.

Rand hedge Bid Corporation [JSE:BID] gained 2.45% to close at R332.00, while AB InBev [JSE:ANH] added 3.35% to close at R1442.11. Retailer, Pick n Pay [JSE:PIK] gained 2.27% to close at R62.99 despite a weaker rand, while Woolworths [JSE:WHL] added 1.29% to close at R58.22.

Tsogo Sun Gaming [JSE:TSG] tumbled in today's session closing 7.65% lower at R12.79. Investec [JSE:INP] came under pressure following the release of a weaker trading statement which saw the stock retreat 6.6% at R83.96. African Rainbow Capital [JSE:AIL] lost 5.53% to close at R4.10, while RCL Foods [JSE:RCL] tumbled 4.71% to close at R9.30. Other significant losers on the day included Intu Properties [JSE:ITU] which lost 4.19% to close at R7.32, Barloworld [JSE:BAW] which dropped 2.51% to close at R116.75, and ABSA [JSE:ABG] which closed at R163.00 after falling 2.58%.

The JSE All-Share index eventually closed 0.58% firmer while the JSE Top-40 index added 0.56%.

The Financials index lost 1.37%, however the Resources and Industrials indices managed to post gains of 1.06% and 0.92% respectively. At 17.00 CAT, Gold was 0.36% firmer at 41504.29/Oz, Platinum had gained 0.63% to trade at $944.45/Oz, and Palladium was up 1.56% at $1648.85/Oz. Brent crude continues to trade mixed and it was recorded trading 0.45% firmer at $64.70/barrel just after the JSE close.

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