MARKET WRAP: JSE begins fourth quarter on a positive note
Gains by Naspers ensure a positive close, while risk-on global sentiment is offset somewhat by downbeat local economic news
The JSE began the last quarter of 2018 on an upbeat note on Monday, with a stable rand and improved global risk-sentiment providing a supportive environment. Gains were pared in the afternoon, with a number of indices turning negative after being up earlier, while a 0.51% rise by Naspers to R3,067.30 ensured a positive close. The all share ended the day 0.15% higher at 55,789.8 points and the top 40 0.13%. Banks fell 0.7% and financials 0.36%. Industrials rose 0.47% and food and drug retailers 0.41%. The US and Canada struck a last-minute trade deal on Sunday, saving the North American Free Trade Agreement (Nafta) —although this is set to be renamed. Global stocks were cheered by the news, but local developments were less supportive. The central energy fund earlier confirmed that the price of fuel will rise by about R1 a litre from midnight on Tuesday, but banks and retailers showed little reaction. The seasonally adjusted Absa purchasing managers index (PMI), which gauges activity ...
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