JSE flat as oil pushes past $70 a barrel

The JSE was little changed on Monday morning, with a weaker rand and rising oil price benefiting some stocks, but putting pressure on others.

The oil price has risen amid signs that production cuts by oil-cartel Opec are having an effect.

The rand was slightly weaker, but the major catalysts this week are only expected in coming days. Brexit, as well as US-China trade talks, continue to dominate the spotlight.

At 10am the all share had risen 0.09% to 57,829.1 points while the top 40 had risen 0.12%. Gold miners were up 2.25% and the resources index 1.03%. Banks had fallen 0.91% and general retailers 0.68%.

Platinum was up 1.37% to $913.86/oz and platinum 0.58% to $1,297.14. Brent crude was 0.23% higher at $70.56 a barrel.

Corporate news was light on Monday, and no major results were expected in the week ahead. In the US, however, a number of major financial institutions are set to release results this week, which could offer some direction to local banks, as well as indications as to the health of the global economy.

Mining and manufacturing numbers for March are due, however, on Wednesday, and will offer further detail on SA’s economic performance in the first quarter of 2019.

On Monday morning, diversified miner Glencore had risen 0.89% to R61.42. Anglo American 1.2% to R404.48 and BHP 1.08% to R356.50.

Rand hedge AB InBev had fallen 0.77% to R1,214.24 while British American Tobacco had risen 0.78% to R574.95.

Harmony Gold was up 3.56% to R27.33.

Sirius Real Estate was down 0.17% to R11.63, it said earlier in a trading update that annualised rental income had increased about 10% to €87.7m in the year to end-March.

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