JSE inches higher as global stocks rise
The JSE edged higher on Thursday on the back of broad-based relief across most major global equity indices.
Despite gains being relatively mild, most of the equity indices managed to hang on to these gains to end the day firmer. In Asia the Shanghai Composite Index closed 0.45% firmer while the Hang Seng closed flat after only adding 0.02%.
In Europe, all the major indices advanced while US equity futures also pointed higher.
With trade concerns still lingering a lot of risks still remains for riskier assets such as stocks, therefore investors can expect more downside in the near term.
On the currency market, the rand advanced against the greenback despite the latter also gaining on the day.
The rand peaked at a session high of R14.13/$ before it came under some pressure towards the JSE close. The rand was trading 0.07% weaker at R14.22/$ at 17:00.
Investec PLC [JSE:INP] was buoyed by the release of its full-year results which reflected decent increases in profit and assets under management. The stock gained 4.03% to close at R92.25.
Steinhoff International [JSE:SNH] featured amongst the day’s biggest losers after the stock fell 4.49% to end the day at R1.49.
Listed property stocks retreated as well with losses being recorded for Rebosis Property Fund [JSE:REB] which lost 6.67% to close at R1.26, SA Corporate Real Estate [JSE:SAC] dropped 4.29% to close at R3.35, and Capital and Counties [JSE:CCO] fell 2.86% to close at R42.06.
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The blue-chip JSE Top-40 index eventually closed 1.15% firmer while the broader JSE All-Share index firmed 1.03%.
Bucking the recent trends, all the major indices advanced in today’s trading session. Industrials rose 0.98%, Financials gained 0.9%, and Resources added 1.08%.
At 17.00 CAT, Palladium was 0.23% weaker at $1341.65/oz, Platinum was down 1.01% to trade at $838.65/oz, and Gold was 0.71% lower at $1287.31/oz.Brent crude remained bullish as it advanced to peak at a session high of $73.25/barrel. The commodity was trading 2.06% firmer at $73.25/barrel just after the JSE close.