Local bourse firms as global economies gear for partial reopening

The JSE closed firmer on Tuesday as it played catch up to gains in other global markets after resuming trading following the Freedom Day holiday on Monday.

Global markets rallied on the back of optimism that most governments were gearing up to at least partially reopen their economies following lockdowns to prevent the spread of the coronavirus.

Stocks in Europe were trading firmly in the green while US markets managed to open marginally firmer.

Stocks in mainland China advanced as the Shanghai Composite Index added 0.69% while the Hang Seng gained 1.22%. The Nikkei closed flat as it shed 0.06%.

The rand advanced in today’s session as it peaked at a session high of 18.55/$ before it was recorded trading 0.45% firmer at R18.68/$ at 17:00.

On the JSE, Sasol [JSE:SOL] closed amongst the day's biggest movers after it surged 15.3% to close at R77.25.

Cement maker, PPC Ltd [JSE:PPC] gained 13.93% to close at R1.39, while KAP Industrial Holdings [JSE:KAP] climbed 7.89% to close at R2.05.

Financials advanced on the back of the firmer rand, with gains being recorded for Nedbank [JSE:NED] which added 10.71% to close at R97.40, and Old Mutual [JSE:OMU] which gained 4.12% to close at R12.63.

Retailers followed suit as gains were recorded for Truworths [JSE:TRU] which added 5.09% to close at R30.75, as well as Mr Price [JSE:MRP] which advanced 3.41% to close at R135.14.

Significant gains were also recorded for Richemont [JSE:CFR] which gained 3.63% to close at R105.57, MTN Group [JSE:MTN] which jumped 12.87% to close at R48.25, and British American Tobacco [JSE:BTI] which closed at R723.34 after gaining 4.39%.

winners and losers JSE

Hospitality Property Fund [JSE:HPB] traded under pressure as it tumbled 11.24% to close at R4.42.

Gold miners came under pressure in today’s session as declines were recorded for AngloGold Ashanti [JSE:ANG] which fell 9.3% to close at R470.10, Gold Fields [JSE:GFI] which dropped 8.46% to close at R144.48, and Harmony Gold [JSE:HAR} which lost 8.14% to close at R66.48.

Coal miner Exxaro Resources [JSE:EXX] dropped 4.64% to close at R101.62, while commodity trading giant Glencore [JSE:GLN] lost 2.87% to close at R33.51.

Steinhoff International [JSE:SNH] also traded under pressure as it tumbled 8.66% to close at R1.16, and Redefine Properties [JSE:RDF] lost 7.31% to close at R2.03.

The JSE All-Share index eventually closed 1.01% firmer while the JSE Top-40 index gained 1.11%.

The Resources index was the only major index to close softer as it lost 1.03%, while the Industrials and Financials indices gained 2.2% and 2.08% respectively.

Brent crude had relinquished earlier gains as it was recorded trading 0.82% softer at $22.88/barrel just after the JSE close.

At 17:00, platinum was 0.26% firmer at $767.23/oz, Palladium was 0.17% softer at $1925.97/oz, while Gold was down 0.81% to trade at $1700.01/oz.

ZAR/USD
16.92
(+1.33)
ZAR/GBP
21.36
(+0.76)
ZAR/EUR
19.18
(+0.84)
ZAR/AUD
11.82
(+0.73)
ZAR/JPY
0.16
(+1.03)
Gold
1808.26
(+0.80)
Silver
18.73
(+2.61)
Platinum
848.00
(+1.37)
Brent Crude
42.97
(-0.05)
Palladium
1925.00
(+0.44)
All Share
55870.69
(+1.13)
Top 40
51558.75
(+1.25)
Financial 15
10275.29
(+1.87)
Industrial 25
77503.35
(+0.84)
Resource 10
52793.47
(+1.49)
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