Miners push JSE back into record territory after upbeat Chinese data
The JSE closed firmer on Friday, after positive Chinese data lifted the resources index, despite a stronger rand. Iron ore miner Kumba rallied 7.74% to R253.90 and ArcelorMittal 4.81% to R5.45‚ after China’s balance of trade data showed record imports of the base metal. Chinese imports grew 18.7% in September from the same month in 2016‚ far higher than an economists’ consensus of 13.5% from a poll by Trading Economics. At the same time the US inflation print for September came in slightly lower than expected, weakening the dollar. Local mining shares tend to favour a weaker rand, but a softer dollar usually boosts demand for commodities. The all share added 0.22% to 57,878.6 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%. Banks and insurance stocks were mixed despite the stronger rand‚ which extended its gains after a ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.