MARKET WRAP: JSE closes firmer in thin trade
The JSE closed firmer on Monday, though volumes were low in thin trade ahead of Human Rights Day on Tuesday.
General retailers gained on the firmer rand, supported by a strong performance from Naspers. Property stocks rebounded from a sharp retraction on Friday.
Naspers closed at its highest level in four months, buoyed by trade in its Chinese Tencent investment, in which it owns 34%. Tencent traded at a record high in Hong Kong.
Resources and gold stocks weakened on the firmer rand, despite spot prices improving in intraday trade.
The rand reached an intraday best of R12.6293 against the dollar. In late trade, it was at R12.6517/$ from R12.7178 at its previous close.
The all share closed 0.39% higher at 52,753.6 points and the blue-chip top 40 added 0.44%. General retailers rose 1.29% and industrials gained 0.85%. Food and drug retailers lifted 0.35%. Financials added 0.28%. Resources shed 0.58% and the gold index dropped 0.52%.
The all share has gained 4.15% so far this year and the top 40 3.66%. Foreign investors sold a net worth of nearly R600m in local shares last week, bringing the tally for 2017 to R31.7bn.
Among the big miners Anglo American was 0.94% lower at R201.02.
Sasol closed 1.3% lower at R363.73.
Kumba Iron Ore was down 1.53% to R212.72.
Among the rand hedges, Anheuser-Busch InBev was 0.7% lower at R1,419.01.
Gold stock Sibanye retreated 2.06% to R26.67.
Anglo American Platinum lost 2.46% to R295.64. Lonmin shed 1.04% to R15.20.
Bank stock Capitec closed 1.11% higher at R805, a new record.
Among financials, Discovery gained 1.11% to R137.42.
Steinhoff closed 0.74% lower at R64.80.
Among other retailers Truworths added 2.81% to R93.77, Massmart added 1.11% to R152.61 and Mr Price was 1.39% higher at R177.
Growthpoint closed 0.58% up at R27.56. Hyprop gained 2.38% to R134.44.
Naspers ended the day 3.31% higher at R2,291.20.
Tiso Blackstar, Business Day’s publisher, rose 2.63% to R9.75 after announcing an interim dividend.
Local bonds were firmer in line with the stronger rand, with the yield on the benchmark R186 at 8.44% in late trade from 8.495% previously.
At 5.45pm, the local near-dated top-40 Alsi futures index was 0.46% higher at 45,986 points. The number of contracts traded was at 17,426 from Friday’s 24,719.