The JSE closed firmer on Monday, as banks were buoyed by the stronger rand and some miners received a boost from both domestic politics and Chinese economic data.

Resources shares gained after the government backtracked on the implementation of the controversial revised Mining Charter on Friday.

On Monday, Chinese GDP and industrial production data outperformed expectations, with industrial production in the world’s largest metal market growing at 7.6% in June 2017 compared with the previous year, reported Dow Jones Newswires.

The all share closed 0.43% higher at 53,827.4 points and the blue-chip top 40 added 0.4%.

Platinums gained 3.37%, banks 0.87%, financials 0.56%, industrials 0.34% and general retailers 0.53%. Gold miners shed 0.41%.

Platinum counters were also boosted by Lonmin, which earlier reported better-than-expected platinum production for its third quarter, ended June. Its share price surged 14.82% to R12.86.

Anglo American Platinum added 1.56% to R318.05, Impala 3.24% to R36.34 and Northam 4.19% to R39.75.

Iron-ore miner Kumba gained 2.14% to R175.77 and Exxaro 2.7% to R100.10.

AngloGold Ashanti shed 1.51% to R126.80 and Sibanye 0.38% R15.64. Gold Fields was up 0.82% to R49.44.

Standard Bank lifted 1.37% to R154.38 and FirstRand 0.54% to R50.35.

Old Mutual gained 1% to R33.43 and Sanlam 1.95% to R67.90.

In retailers, Shoprite rose 0.77% to R205.57, Pick n Pay 0.61% to R60.64 and Clicks 1.14% to R144.73.

Rand hedges were little changed, with the exception of Richemont which gained 0.85% to R108.88.

PPC added 3.35% to R4.93. It earlier announced that merger talks with AfriSam were continuing.

In the construction sector, Murray & Roberts lifted 1.73% to R14.70 and Wilson Bayly Holmes-Ovcon 3.79% to R143.65.

Among industrials Bidvest gained 2.36% to R164.96 and Imperial Holdings 1.55% to R169.64.

Interest-rate sensitive sectors such as banks and retailers are expected to get direction on Thursday, when the Reserve Bank’s monetary policy committee concludes its three-day meeting.

While a dovish statement from the Bank was expected, it was not likely to be pushed into an interest-rate cutting cycle by South African politics, said Investec Bank chief economist Annabel Bishop.

The short-term strength in the rand indicated that trading exposure in financial and banking counters should remain for the moment, said Momentum SP Reid analysts.

The Dow was down 0.05% at the JSE’s close with European markets mixed.

US equities remained near record levels set last week, and investors were focused on earnings reports expected this week, the newswire said.

The FTSE 100 was 0.38% higher, while the DAX was down 0.41%.

Platinum gained 0.78% to $929.02 an ounce and gold 0.41% to $1,233.25.

The rand was at R12.9243 from R13.0291.

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