The JSE traded 1.07% higher while European peers also rose on Monday as stock markets recovered following the strong jobs report coming out of the US on Friday that stoked fears the Federal Reserve will gear up for another sharp interest rate hike.
After being spooked on Friday by the stronger-than-expected jobs numbers, investor focus will now shift to key inflation data from the US, due out later this week.
The All Share Index closed at 70,266 points.
In company news, the JSE-listed tech firm, Datatec (-0.25%), said on Monday that its subsidiary Logicalis UK&I has bought Q Associates, a UK IT consultancy.
Datatec said the acquisition brings with it “complementary capabilities” to Logicalis UK&I’s core expertise in digital infrastructure, networking and cloud services.
Packaging manufacturer, Mpact, posted strong results for its six months to the end of June 2022, with the company reporting that headline earnings per share grew by 31% to 142 cents while an interim gross cash dividend of 40 cents per ordinary share was declared.
Mpact said the growth was due to strong local demand, which it expects will continue along with sales growth of new products but the company did warn of possible price hikes in October as input costs continue to rise.
The share price saw a brief jump in afternoon trade but ultimately traded flat for the day with Mpact down 22% for the year from a peak share price it reached in January.
In the currency markets, the US dollar has lost ground against the rand and is currently trading near 2% down for the day.
The local unit is back on the front foot after it snapped a two-day winning streak on Friday following the release of the US jobs report.
On the commodity front, it’s a green board for precious metals with gold trading nearly 1% higher while platinum is nearly 2% higher.
The big winner is palladium at over 6% higher while brent crude is currently trading over 1% higher for the day at $95.83 a barrel.
