Sat Sep 23 16:22:59 SAST 2017

Diversified miners lead broad gains on the JSE

By Karl Gernetzky | 2017-08-31 10:33:01.0

The JSE opened marginally higher on Thursday‚ buoyed by positive sentiment following US and Chinese economic data.

Global markets‚ while still attuned to potential monetary policy adjustments‚ were now focusing on macroeconomic data due in the US and Europe over the next two sessions‚ Momentum SP Reid analysts said.

An official gauge of China’s factory activity rose in August‚ reflecting continued firmness in the world’s second-largest economy‚ reported Dow Jones Newswires.

US stocks ended higher on Wednesday‚ with the Nasdaq seeing a particular gain on the strength of biotechnology companies‚ while the S& P 500 closed higher for a fourth straight session.

The local focus is on manufacturing purchasing managers’ index later today.

At 9.30am the all share had added 0.35% to 56‚364.8 points and the top 40 was up 0.42%.

Diversified miners led the JSE higher‚ while gold miners continued to slide‚ with risk-on sentiment creeping back into the market despite the continued back-and-forth between the US and North Korea.

Anglo American had gained 2.13% to R234 and Glencore 1.8% to R61.03.

Kumba Iron Ore had gained 4.55% to R216.49.

Liquor group Distell was down 2.75% to R138.09 after earlier reporting a 15% fall in after-tax profit for the year to end-June.

Steinhoff had added 0.83% to R61.75‚ after earlier announcing a 48% increase in group revenue‚ and 8% increase in organic revenue‚ for the nine months to end-June.

British American Tobacco had lost 0.18% to R799.75 after the company announced it had simplified its regional structures‚ appointing a raft of new directors to head new regions.

Santam had increased a marginal 0.16% to R255.41‚ despite earlier reporting headline earnings per share decreased by 6% in the six months to end-June.

Its results were hit by the Knysna fire and the heavy storm that hit Cape Town in June.

On European bourses‚ London’s FTSE 100 was up 0.32%‚ the CAC 40 in Paris was up 0.53% and the DAX in Frankfurt had added 0.69%.

Gold was down 0.21% to $1‚305.82 and platinum had lost 0.27% to $988.16.

The rand was at R13.03 to the dollar from R12.9994.

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