MARKET WRAP: JSE ends bull week in best performance this year
The JSE closed the week by posting a fifth consecutive day of broad-based gains, following consistently rand-supportive economic data and policy commentary from the US.
The all share closed 0.56% higher at 53‚598 points and the blue-chip top 40 added 0.54%. General retailers rose 2.08%‚ banks 0.91%‚ resources 0.61%‚ industrials 0.55%‚ food and drug retailers 0.54%‚ financials 0.53%‚ platinums 0.51%, and property 0.46%.
The all share ended the week 3.27% higher‚ its best weekly performance in 2017.
The release of lower-than-expected US consumer inflation and retail sales data re-affirmed expectations the US Federal Reserve’s planned interest-rate increase cycle would need to be gradual.
US data releases, along with a University of Michigan consumer sentiment survey, provided a "hat-trick" of disappointing numbers for the world’s largest economy on Friday, said Oanda analyst Craig Erlam. The Fed took the personal consumption index — which is three weeks away — more seriously, but Friday’s data did not bode well for the index, he said.
Resources also received a slight lift from news that the Department of Mineral Resources had backed down on the controversial new Mining Charter.
Diversified miner Anglo American gained 2.38% to R192.36‚ while petrochemical group Sasol added 1.25% to R378.75.
British American Tobacco ended the day 0.85% lower at R898.
AngloGold Ashanti was down 2.02% to R128.75.
Woolworths was up 1.52% to R60.77‚ Shoprite 1.34% to R204, and Mr Price 4.13% to R168.
Naspers rose 0.97% to R2‚712.
At 5.40pm, the Dow was unchanged‚ while the S&P 500 was up 0.18% and the Nasdaq 0.27%. The FTSE 100 was down 0.56%‚ the CAC 40 0.14%, and the DAX 30 0.24%.
In early evening trade, the rand was at R13.0376 to the dollar from R13.2084‚ R14.9338 to the euro from R15.0553, and R17.0467 to the pound from R17.0884.
The euro was at $1.1454 from $1.1398.
Brent crude was up 0.57% to $48.67 a barrel‚ while gold had gained 0.77% to $1226.67 an ounce and platinum 1.38% to $917.35.
The futures market followed the stronger JSE‚ with the top-40 Alsi futures index up 0.6% at 47‚506 points. The index gained 3.56% in the week.
The number of contracts traded was 22‚821 from Thursday’s 21‚521.
With Maarten Mittner