The JSE traded firmer on Thursday while global peers were mixed as markets reacted to positive US corporate earnings results and healthy economic data, which has supported investor appetite.
Traders responded well to earnings from biotechnology firm Moderna and payment services company PayPal while there was also surprise growth in the US service sector.
The fears over US House Speaker Nancy Pelosi’s visit to Taiwan also disappeared as the lawmaker returned to the United States.
The All Share Index added 0.16% to close at 68,717 points.
In company news, Sasol said it expects adjusted earnings for the year to jump between 36% and 56% for the year to the end of June, which represents between R66 billion and R75.6 billion.
The synthetic fuels and chemicals group attributed the performance to stronger oil and chemicals prices despite some operational challenges over the last year.
The Sasol share price increased by 0.78%
Natural recourses company, Glencore (2.08%), reported a 119% increase in interim earnings during the half-year with global macroeconomic and geopolitical events resulting in record pricing for coal and gas.
“Notwithstanding what has clearly been a very complex environment for our markets, our operations, and the world in general, we are pleased to report an exceptional financial performance for Glencore over the period,” said Glencore’s South African-born CEO Gary Nagle.
In a trading update for the six months to end-June, gold counter Gold Fields (1.71%) said its earnings will be between 24% and 33% higher than in the previous year. The company said the strong performance is due to higher production and gold prices, which are partially offset by higher costs.
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