JSE begins 2020 with a bang, while rand gains peter out a little
The JSE began the new decade on a high note, with the market having gained more than 1% soon after opening on Thursday.
The rand also carried the festive cheer into the new year with fair gains in the morning. However, as the day wore on, these began to fade.
At 12.11pm, the rand had firmed 0.5% to R13.9601/$, consolidating its gains on December 31 when it moved to its strongest in about five months. It earlier reached a best level of R13.9319.
The JSE all share ended 2019 with a gain for the year of 8.24%, with the momentum continuing into 2020. This after a fall of more than 11% in 2018.
At 1.35pm, industrials were up 0.12%, the general mining index 0.71%, banks 0.82%, and general retailers 0.92%.
With risk-on trade the order of the day in global markets, most analysts have been surprised by continued gains in the gold price. At 1.40pm it had risen 0.33% to $1,522/oz, while platinum added 0.91% to $977.07. Palladium also continued its recent run, up 0.14% to $1,942.21/oz.
Gold gained 18.29% in 2019, platinum 21.55%, and palladium 53.38%.
Earlier, Quilter announced it had completed the sale of its life assurance division for £445m to ReAssure on December 31 2019. The board has indicated that as much as £375m (about R7bn) will be available to return to shareholders. It said it will update the market on the method and timing of the capital return in due course. Its share price was last seen up 2.56% at R30.05.
Source: businesslive.co.za