JSE holds on to gains as in tentative trading

The JSE rebounded on Friday following consecutive sessions of losses due to negative global sentiment.

Global markets were relatively tentative ahead of the release of the all-important Non-Farm Payrolls data out of the USA which was pencilled for release at 15:30.

The number came in worse than expected as the US economy managed to add 155 000 jobs versus an expectation of the addition of 200 000 jobs. Average Hourly Earnings MoM also advanced slower than anticipated as the grew 0.2% compared to a forecast of 0.3%. The unemployment rate was unchanged at 3.7%.

The rand weakened significantly on Thursday mainly on the back of US dollar strength. The weaker US jobs data saw the greenback pull back which gave way for the rand to strengthen. The rand peaked at R13.92/$ following the release of US jobs data, before it retraced to trade at R13.96/$ at 17.00 CAT.

On the JSE, the trend was mostly positive as the local bourse tracked the movement in major European bourse which were trading firmer. Rhodes Food Group [JSE:RFG] managed to end amongst the day’s biggest gainers after the stock jumped 6.8% to close at R18.69. Nampak [JSE:NPK] rallied 7.51% to close at R15.17, while Kumba Iron Ore [JSE:KIO] managed to gain 4.78% to close at R272.86.

Retailer, Pepkor Holdings [JSE:PPH] added 4.8% to end the day at R21.19, while its sector peer, Massmart Holdings [JSE:MSM] closed 2.95% higher at R106.00. Naspers [JSE:NPN] gained 2.14% to close at R2814.00.

Of the day’s losers, Dis-Chem [JSE:DCP] came under pressure as it lost 4.75% to close at R28.89, while Rebosis Property Fund [JSE:REB] fell 4.14% to end the day at R2.78. Steinhoff International [JSE:SNH] remained subdued as it lost 2.5% to close at R1.56, and Famous Brands [JSE:FBR] also struggled as it dropped 2.93% to close at R99.50.

Rand hedge, Mondi [JSE:MNP] closed at R293.52 after shedding 2.72%, while British American Tobacco [JSE:BTI] closed 2.29% weaker at R481.49.

The JSE All-Share index eventually closed 0.48% higher, while the JSE Top-40 index gained 0.54%. The Financials index closed flat after only managing gains of 0.02%. The Industrials and Resources indices gained 0.44% and 0.76% respectively.

Brent crude probably recorded the biggest jump of the day after OPEC agreed to a larger than expected oil output cut at its meeting. Brent crude was trading 5.59% firmer at $63.42/barrel just after the JSE close.

At 17.00 CAT, Gold was up 0.78% to $1243.73/Oz, Platinum was up 0.43% to trade at $793.62/Oz and Palladium had gained 0.78% to trade at $1 220.53/Oz.

Bitcoin was down 7.15% at $3 460.80/coin, and Ethereum had lost 12.34% to trade at $88.24/coin.

7 December

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER
We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
16.19
(-0.10)
ZAR/GBP
21.11
(-0.12)
ZAR/EUR
19.19
(-0.12)
ZAR/AUD
11.55
(-0.13)
ZAR/JPY
0.15
(-0.14)
Gold
1901.55
(+0.01)
Silver
24.57
(+0.10)
Platinum
902.03
(+0.40)
Brent Crude
41.85
(-1.66)
Palladium
2378.04
(+0.61)
All Share
55339.58
(+0.99)
Top 40
50692.28
(+0.83)
Financial 15
10790.70
(+3.99)
Industrial 25
74905.70
(+1.05)
Resource 10
52561.57
(-0.49)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
24% - 68 votes
No, I did not.
52% - 148 votes
My landlord refused
24% - 70 votes
Vote