MARKET WRAP: Upbeat Chinese economic outlook helps JSE to record levels
The JSE firmed on Friday, despite low trading volumes, as the rand gained on the dollar following a few global data releases.
Positive Chinese data helped lift Asian equity markets, and supported local miners, while rand hedges fared the worst on the local bourse. The only blip during the week was Thursday, when the JSE ended a nine-session winning streak.
Banks and insurance stocks were mixed despite the stronger rand, which extended its gains after a lower-than-expected US consumer inflation print.
Banks, in particular, had a good week, with the index gaining more 4%. FirstRand‚ however‚ weighed on the index on the day‚ dropping 1.89% to R53.35‚ after reporting that it was considering acquiring the entire share capital of UK lender Aldermore.
The all share added 0.22% to 57‚878.60 points‚ while the top 40 gained 0.19%. The former added 1.13% this week.
The property index added 1%‚ platinums 0.9%‚ resources 0.67% and financials 0.47%. Gold miners lost 0.45% and food and drug retailers 0.11%.
Diversified miner Glencore gained 2.64% to R66.80‚ Anglo American 1.71% to R261.08 and BHP 1.67% to R247.90.
Exxaro was up 2.51% to R144.23 and Assore 2.47% to R290.
Impala Platinum added 2.81% to R31.78 and Anglo American Platinum 1.85% to R361.50.
Northam Platinum dropped 2.7% to R46.08, despite earlier announcing Global Credit Ratings had upgraded its long-term credit rating to A- from BBB+.
Rand-hedge Richemont lost 1.19% to R122.97 and British American Tobacco 0.5% to R860.
Industrial group Imperial Holdings fell 1.72% to R203 and Bidvest 1.53% to R176.22.
Investment holding group Remgro added 1.05% to R227.36‚ while Brait fell 2.22% to R55 and Reinet 1.43% to R29.
Standard Bank added 2.09% to R171 and Capitec 1.3% to R938.
Nepi Rockcastle helped lift property index‚ adding 4.05% to R189.21‚ after earlier announcing it had entered into an agreement to acquire two Polish shopping centres.
Gold miners lost 0.45% and food and drug retailers 0.11%.
The top-40 Alsi futures index added 0.44%‚ at 52‚280 points‚ up 0.97% for the week. The number of contracts traded was 19‚065 from Thursday’s 22‚757.
At 5.30pm, gold and platinum had both added 0.53%‚ at $942.72 and $1‚300.1 dollars an ounce respectively.
Brent crude was up 1.12% to $57.04.