Stronger opening for JSE as gold miners prosper
Most global markets were in the red on Thursday morning as Donald Trump's threat to impose tariffs hurt sentiment
The JSE was firmer on Thursday morning with gold miners leading gains, recovering after dropping almost 3.8% earlier this week.
US President Donald Trump's threat to impose tariffs on $300bn worth of Chinese goods continues to hurt sentiment in global markets. Trump said on Wednesday that he was still considering imposing sanctions on Germany to block Norde Stream 2, a natural gas pipeline project from Russia to Germany.
In Europe, the FTSE 100 was earlier up 0.17% and Germany's DAX 30 0.39%, while France's CAC 40 was little changed. In Asia, the Shanghai Composite and the Hong Kong Hang Seng were flat as Hong Kong has been affected by huge protests this week over plans to allow extradition to mainland China. Japan's Nikkei 225 had fallen 0.35%.
At 10.25am, the JSE all share was up 0.21% to 58,832.80 points and the top 40 had gained 0.29%. Gold miners added 1.58% and platinum miners 0.77%.
General retailers had fallen 0.38%
In gold mining, Harmony had gained 2.42% to R27.96, AngloGold Ashanti 1.54% to R228.78, Gold Fields 1.54% to R77.65 and Sibanye 1.24% to R15.56.
Among rand hedges, British American Tobacco had fallen 0.82% to R549.71, Richemont 0.47% to R118.80 and AB InBev 0.26% to R1,282.01.
No major company results are scheduled for Thursday. Statistics SA is expected to release mining production as well as gold production figures for April on Thursday morning. The RMB/BER business confidence index (BCI) figure for the second quarter of 2019 is also due on Thursday.