MARKET WRAP: JSE pushes above 56,000 points, led up by platinums
Pressure on the oil price has provided some support for retailers and banks, with platinum miners leading the gains, amid concern that the metal is entering bubble territory
The JSE closed above 56,000 points for the first time in five months on Tuesday, with only property stocks and gold miners under pressure. Gains were led by retailers and platinum miners, the former benefiting from a stable rand and moderating oil prices. The latter have gained from the price of platinum's sister metal, palladium, which has continued to push new highs. Bloomberg reported that there was increasing concern in the market that palladium was entering bubble territory, as the near $700 gap between it and platinum was unsustainable. The oil price was recovering slightly from Monday's losses, when it came under pressure after US President Donald Trump tweeted that he felt prices were too high. As the JSE closed, Brent oil was 2.85% lower for the week. The all share gained 0.65% to 56,242.8 points and the top 40 rose 0.66%. Platinums added 3.35%, general retailers 1.91% and food and drug retailers 1.17%. Gold was down 0.25% to $1,323.92/oz while platinum was flat at $853.25....
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.