Relief for the local bourse


41 minutes ago

Musa Makoni, EasyEquities

Cape Town – The JSE had
some reprieve on Friday as the local bourse bounced following the sell-off on

The day was
much lighter in terms of earnings results compared to the previous day.

sensitive stocks performed well due to a stronger rand which peaked to an
intra-day high of R11.54 to the US dollar. This buoyed retail and financial
stocks on the JSE including some of the diversified miners. The rand was
trading at 11.57/$ at 17:00 CAT.

[JSE:SHP] and Spar Group [JSE:SPP] gained 3.90% and 4.87% respectively, whilst
Pick n Pay [JSE:PIK] and Mr Price [JSE:MRP] added 3.00% and 2.39% respectively.
Steinhoff [JSE:SNH] and EOH Holdings [JSE:EOH] had some surprise jumps as they
gained 10.69% and 15.14% respectively. BHP Billiton [JSE:BIL] added 0.95%
whilst South32 [JSE:S32] gained 3.28%.

On the blue
chip index Remgro [JSE:REM], Bidvest [JSE:BVT] and British American Tobacco
[JSE:BTI] recorded gains on Friday to end the day up 4.66%, 2.43% and 3.56%
respectively. NEPI Rockcastle [JSE:NRP] which has been under a lot of pressure
lately ended the day 2.86% firmer. However, this was not the case for Resilient
[JSE:RES] and Fortress B [JSE:FFB] which slid further to end the day 2.07% and 3.55%
weaker respectively.

[JSE:ACL] was among the biggest losers as it lost 6.73% whilst Blue Label
Telecoms [JSE:BLU] eased following Thursday’s rally to end the day 5.83% lower.
Northam Platinum [JSE:NHM] released a relatively weak set of earnings results
which saw the stock closing 2.55% softer on the day. Richemont [JSE:CFR] and
Naspers [JSE:NPN] lost 0.14% and 0.10% respectively.

The broader
JSE All-Share index ended the day 0.96% firmer whilst the blue chip Top 40 index was 0.95% firmer. All the major indices were firmer on the day with the
biggest gainer being the Financials index which gained 1.52%. The Industrials index and the Resources index gained 1.04% and 0.29% respectively.

A draw in
US Crude Oil Inventories on Thursday saw Brent Crude climbing above $66 per
barrel. On the JSE, Sasol [JSE:SOL] also gained to end the day up 1.54% at R394.50
per share. The commodity was trading at $66.57/barrel just after the JSE close.

traded softer on the day as it slid to a day’s low of $989.88/Oz. The metal
rebounded marginally to trade at $993.20/Oz just after the close. Palladium was
mainly flat at the open, but it did gain some traction as the day went on.
Palladium had peaked at $1 044.05/Oz before retracing slightly to trade at $1 043.47/Oz
just after the close.

Gold eased
in Friday’s session after a minor bounce overnight. This was mainly on the back
of a small recovery in the US dollar from Thursday’s weakness. The precious metal
was trading at $1 329.05/Oz just after the close, after
having a managed an intra-day high of $1 332.54/Oz.


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