Picture: REUTERS
Picture: REUTERS

The JSE hovered near record territory on Tuesday, as retailers and banks helped lift the local bourse to just less than 400 points from its record high.

Global stocks staged a modest recovery, but analysts expect circumspect trade ahead of the Jackson Hole central banks conference on Thursday.

A rally in industrial metal prices and solid results from the mining sector helped lift European bourses, while the Dow was buoyed at its open by gains in shares of technology companies and retailers, reported Dow Jones Newswires.

Market-pleasing earnings results from local companies also helped lift the JSE, including from Shoprite, which gained 8.01% to R217.11.

The all share closed 1.05% higher at 56‚034 points and the blue-chip top 40 added 1.14%.

Food and drug retailers firmed 3.42%‚ general retailers 2.72%‚ banks 1.44%‚ industrials 1.21%‚ resources 0.98% and financials 0.84%.

Gold miners shed 2.92%‚ property 0.60% and platinums 0.40%.

BHP closed 2.5% higher at R237.25. Anglo American gained 1.05% to R222.22.

Sasol closed 0.31% higher at R394 after reporting on Monday that after-tax profit grew 53% to $1.6bn for the six months to June.

Global luxury goods group Richemont was up 1.36% to R114.41.

AngloGold Ashanti dropped 6.85% to R122.20‚ Harmony 4.03% to R23.82, and Gold Fields 1.65% to R57.29.

Impala Platinum was 1.58% lower at R38.58. The group warned the market of a steep drop into a full-year loss amounting to a basic loss per share of between R10.30 and R12.35 against a 10c loss a year earlier.

Among banks‚ Standard Bank added 1.95% to R164.80 and FirstRand 1.94% to R56.63.

Old Mutual rose 1.45% to R35.05.

Woolworths jumped 3.57% to R67.28‚ Massmart 4.37% to R125.94, and Pick ’n Pay 3.52% to R64.99.

At 5.40pm, the gold price was 0.32% lower at $1‚287.43 an ounce‚ and platinum 0.29% at $977.31

The Dow had added 0.59% and the Nasdaq 1.23%‚ lifted by gains in shares of technology companies and retailers‚ the newswire said.

Reports also emerged on Tuesday that US President Donald Trump’s tax reform team was making progress.

In European markets that CAC 40 had gained 0.82% and the DAX 30 1.23%.

The top-40 Alsi futures index was up 1.34% to 49‚550 points. The number of contracts traded was 19‚631 from Monday’s 23‚053.

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