Business

Local bourse closes firmer after mixed session

The JSE eventually closed firmer following
a mixed session in which the all-share index swung between gains and losses.

The local bourse shrugged off the downward
trend recorded in most global markets which reeled following the release of
news that there were more cases of the coronavirus infection than what had been
initially reported.

The US Fed has indicated that it is closely
assessing the potential impact to growth that could stem from the epidemic,
while in China measures such as reserve requirement cuts have been taken to
bump up liquidity in the markets.

Statistics SA released mining production
data for the month of December, with a marked improvement being recorded in
gold production year on year which expanded by 24.9% from a prior recording of
4.5%.

Mining production year on year advanced
1.8% from a previous recording of -1%, however mining production month on month
was recorded at -2.4% from a prior recording of -1.8%.

The rand had a mixed session which saw it
trade mostly weaker before briefly swinging into positive territory against the
greenback towards the JSE close.

At 17:00, the rand was trading 0.17% weaker
at R14.87/$.

On the local bourse, gains were relatively
modest with miners leading the earlier surge.

Impala Platinum [JSE:IMP] climbed 5.34% to
close at R159.43, Sibanye Gold [JSE:SGL] climbed 5.18% to close at R39.39,
while Kumba Iron Ore [JSE:KIO] gained 3.15% to end the day at R361.69.

Super Group [JSE:SPG] closed amongst the
day’s biggest movers after it surged 5.67% to close at R23.86, while KAP
Industrial Holdings [JSE:KAP] gained 5.14% to close at R3.68.

Assore [JSE:ASR] rallied 7.45% to end the
day at R236.20, while African Rainbow Minerals [JSE:ARI] added 2.77% to close
at R162.41.

Significant gains were also recorded for
index giant Naspers [JSE:NPN] which rose 1.2% to close at R2694.42, as well as
Woolworths [JSE:WHL] which closed at R44.67 after gaining 1.71%.

Listed property stocks struggled on the day
which saw declines being recorded for Fortress REIT [JSE:FFB] which fell 4.2%
to close at R6.16, Investec Property Fund [JSE:IPF] which retreated 2.4% to
close at R12.20, and Vukile Property Fund [JSE:VKE] which closed at R16.10
after dropping 1.89%.

Tiger Brands [JSE:TBS] could not catch a
reprieve as it fell 4.81% to close at R178.95, while Famous Brands [JSE:FBR] weakened by 1.52% to end the day at R62.66.

Most rand sensitives weakened on the day
with declines being recorded for Shoprite Holdings [JSE:SHP] which lost 1.04%
to close at R113.10, while Standard Bank [JSE:SBK] also lost 1.04% to close at
R166.75.

The JSE Top-40 index eventually closed
0.08% firmer while the JSE All-Share index inched up 0.12%.

The Financials slipped to close 0.27%
softer, however the Industrials and Resources indices managed to gain 0.09% and
0.36% respectively.

At 17:00, platinum was up 1.01% to trade at
$970.57/oz, gold was 0.62% firmer at $1575.07/oz, and palladium was only 0.26% higher
at $2411.04/oz.

Brent crude remained resurgent as it was
recorded trading 0.93% higher at $56.31/barrel just after the JSE close.

Comments (0)

Leave Comment

Your email address will not be published.