JSE edges higher led by retailers as markets brush off global news
The JSE was slightly higher on Tuesday as global markets shrugged off the news of the day, with retailers leading the gains based on a strong performance by Shoprite.
Trade was again subdued at R11bn compared to the usual daily average of R24bn.
Local corporate news was light with rand hedges performing well, while diversified miners fared worst. The rand was flat, albeit at a six-month low against the dollar, with neither US inflation data nor news from the US-North Korean summit giving the market significant direction.
The major risk events this week, however, lie on Wednesday and Thursday, when the US Federal Reserve and then the European Central Bank will make their respective stances on monetary policy known.
The all share gained 0.11% to 58,207.8 points and the top 40 rose 0.14%. Food and drug retailers gained 0.96%, financials 0.41% and industrials 0.33%. Resources fell 0.66%.
Diversified miner Anglo American gave up 2.07% to R321.59 and BHP 0.42% to R309.50.
Rand hedge Anheuser-Busch InBev gained 1.6% to R1,291.24.
Tawana Resources lost 1.5% to R3.95, after an earlier update on its proposed merger with Singapore-listed Alliance Mineral Assets.
Grand Parade Investments jumped 7.78% to R1.94, after it announced earlier it had appointed Colin Priem as chief financial officer.
Shortly after the JSE closed the Dow was flat at 25,304.61 points while in Europe, the FTSE 100 had given up 0.23% and the CAC 40 0.27%.
At the same time gold was flat at $1,299 an ounce, while platinum was 0.25% higher at $904.72. Brent crude had gained 0.21% to $76.56.
The top 40 Alsi futures index fell 0.09% to 51,931 points. The number of contracts was 25,769 from Monday’s 14,497.