JSE gains as Chinese markets recover on positive trade data
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.