JSE firms, with gold miners leading the pack

The JSE was firmer on Wednesday morning, with gold miners and Naspers providing most of the upward momentum.

There is little to give global markets clear direction on Wednesday, with trade expected to be range-bound pending new catalysts.

Ongoing US-China trade talks are being eyed, while US nonfarm payrolls data on Friday is the week’s major economic release.

At 10am the all share was up 0.29% at 55,975.8 points and the top 40 rose 0.24%. Gold miners were up 1.02% and industrials 0.6%. The resources index had fallen 0.41%.

Gold was up 0.12% at $1,289.06/oz and platinum was down 0.64% at $832.80. Brent crude was 0.32% lower at $65.43 a barrel.

The price of oil is under some pressure this week due to the resumption of production at Libya’s largest oil field.

Diversified miner BHP was down 1.76% to R320.50.

Vivo Energy was flat at R24.75. It said earlier that net income for the year to end-December rose 13% from the corresponding period in 2017, to $130m.

British American Tobacco was up 4.07% to R557.91.

Grindrod rose 5.96% to R8.89. It said earlier that net profit for the year to end-December rose 21% to R875m, as revenues, including from joint ventures, grew 16% to R24.7bn.

Resilient was down 4.35% to R59.84, erasing Tuesday’s 3.58% gain. The Financial Sector Conduct Authority is no longer probing the company’s directors for insider trading.

Naspers added 0.79% to R3,180.

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