JSE firms despite subdued global markets and downbeat results

The JSE was marginally higher on Thursday, with global market activity also somewhat muted, as investors waited for guidance on future US trade and monetary policy.

Corporate news gave the JSE some direction earlier in the day, with results from both Woolworths and Massmart disappointing the market.

Market-pleasing results from Sibanye-Stillwater saw it rise 2.15% to R8.08. It said earlier it had recorded a R78m profit in the six months to end-June, a huge turnaround from the prior period’s R4.8bn loss. The company also said its proposed acquisition of Lonmin remained on track. Lonmin gained 4.28% to R7.31.

The gold price came under some pressure as markets digested US Federal Reserve minutes that indicated the bank was pressing ahead with its rate-rising cycle.

The rand was slightly weaker, with the dollar finding some support from ongoing US-China trade talks, analysts said. The local currency was buffeted after the issue of land expropriation caught US President Donald Trump’s attention, with his subsequent tweets prompting a staunch rebuttal from President Cyril Ramaphosa, and others.

Banks and financial stocks pushed higher despite the weaker rand, with rand hedges also failing to track the rand’s moves.

The all share rose 0.14% to 58,204.7 points and the top 40 0.13%. Food and drug retailers firmed 2.62% and general retailers 0.28%. Resources fell 1.12%.

Diversified miner Anglo American fell 3.2% to R283.97 and BHP 1.14% to R299.32.

South32 rose 4.05% to R36.73, after earlier reporting an 8% rise in after-tax profit to $1.33bn in the year to end-June.