Picture: MICHAEL ETTERSHANK
Picture: MICHAEL ETTERSHANK

The JSE opened higher on Thursday, after positive Chinese trade data helped stocks in that country recover losses prompted by the ongoing US-Sino trade war. 

China’s exports increased 3.3% year on year in July from a contraction of 1.3% in June and above expectations of a drop of 2.2%, according to a Trading Economics consensus.

The Shanghai Composite earlier gained 0.93% and Hong Kong’s Hang Seng 0.56%, while Japan’s Nikkei 225 had fallen 0.33%. 

At 10.20am, the JSE all share had gained 0.92% to 55,730.70 points and the top 40 1.03% as three top-40 companies published their results on Thursday. Banks had gained 1.35% and industrials 0.89%. 

MTN had dropped 4.08% to R108.10 after the company said it had to write-down R393m for network services provided to Cell C in the six months ended June. 

AngloGold Ashanti had fallen 1.3% to R315.86 despite the miner reporting on Thursday that its second-quarter production increased 7% to 801,000oz compared to the first quarter for the six months ended June. 

Standard Bank had gained 2.66% to R175.54 after the company said on Thursday it will sell its 20% stake in ICBC Argentina. The bank said its interim dividend increased 6% to 454c.

Stats SA is expected to publish mining and manufacturing production data for June later in the day. 

mjoo@businesslive.co.za