Industrial and mining stocks power JSE to one-week high
Rand weakness benefited rand-hedge stocks
The JSE rallied to a one-week high on Friday, powered mainly by resources and industrial stocks. The all-share was up 0.87% to 51,866.50 points at lunchtime, with the top 40 gaining 1%. Diversified miners continued their fine form despite a strong dollar that exerted pressure on underlying commodity prices, with Anglo American hitting its best level since June 2015. Big industrial stocks were equally buoyant, lifted by outsized gains in British American Tobacco after it offered to buy the remaining shares (57.8%) of Reynolds American for $47bn. "The technical picture for the all-share looks good for now, although BAT was also instrumental in today's push higher on a possible corporate action," said BP Bernstein Stockbrokers trader Vasilis Girasis. The rand slipped through the R14 to the dollar handle, supporting the rand-hedge stocks, although MTN still struggled to find a floor amid concern about its Nigerian operations. Financial stocks and retailers looked patchy, but were poised...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.