The JSE tracked global peers higher as investors went bargain hunting following last week’s sell-off. Not even an almost 5% drop in Naspers could dampen the performance as miners led the JSE to close 1.24% higher at 66,829.21 points.
Platinum counters shone, with Northam gaining 7.88% after the miner said it acquired the remaining Zambezi preference shares and that the acquisition will have an immediate positive impact on earnings. Peers Implats gained 7.53%, Angloplat 6.46% and Royal Bafokeng 4.48% as commodities clawed back losses from last week’s blood bath. Palladium and Brent crude both surged over 5%, with palladium gaining almost $150 on the day to last trade at $2,273. Oil rose above $68 a barrel, while gold gained more than 1% to trade above the $1,800 level. Platinum and copper both gained 2%.
Sasol tracked the higher oil price, gaining a massive 6.73%.
Other big gainers include resource counters Thungela (+6.40%), Alphamin (+24%), Sibanye Gold (+5.37%) and Kumba Iron Ore (+3.47%), while renewable energy stock Montauk jumped 7.66%.
Shoprite rang up 4.44% after the retailer announced its exit from Madagascar and Uganda and that it was tightening its focus on South Africa.
Financial services shares Sasfin (+8.83%) and Sygnia (+5.15%) also added to the good mood.
On the currency market, the rand firmed more than 1% to last trade at R15.12/$ as the US unit back-tracked. The focus has now turned to further commentary by the Fed chairman Jerome Powell at the Jackson Hole Symposium later this week.
Indicators as at 17:00
Currencies
USDZAR 15.1470
EURUSD 1.1740
EURZAR 17.7758
GBPUSD 1.3716
GBPZAR 20.7695
AUDZAR 10.9011
CADZAR 11.9345
CNYZAR 2.3360
ZARJPY 7.2417
CHFZAR 16.5800
USDAOA 635.16
Equities and bonds
R186 7.33%
US 10 Year 1.26%
JSE 1.16%
FTSE 0.34%
S&P 500 0.83%
Commodities
Gold $1 803.75
Plat $1 019.51
Plad $2 418.34
Rhod $17 490.00
Irid $5 190.00
Ruth $723.00
Copp $9 236.85
Brent $68.56
Iron Ore 62.5% $160.54
Coal API4 $141.00
Gold ZAR R27 313.27
Plat ZAR R15 437.93
Indicators brought to you by TreasuryONE
