MARKET WRAP: JSE starts week on positive note with banks gaining on stronger rand
The JSE all share kicked off the new week on a positive note, firming 0.43% on Monday with platinums, banks and financials faring best. The market kept up the momentum in thin trade following last week’s upbeat performance, when the all share recorded its best weekly performance so far this year, adding 3.27%. Volumes on Monday amounted to R14.3bn. The stronger rand supported interest-rate sensitive sectors such as banks and retailers ahead of the Reserve Bank’s interest-rate announcement on Thursday. The all share ended the day at 53,827.40 points and the blue-chip top 40 gained 0.40%. The platinum index rose 3.37%, banks 0.87%, financials 0.56% and resources 0.37%. The gold index lost 0.41%. The market was supported by higher metal prices with platinum up 0.87% at $929.82 an ounce at the JSE’s close. Gold had added 0.45% to $1,233.73. Brent crude was 0.40% off at $48.81 a barrel. Star performers included platinum producer Lonmin, jumping 14.82% on a better-than-expected production...
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