JSE opens higher as miners do well

The JSE opened slightly higher while global markets continue to be cautious in the midst of prolonged US-China trade tension. 

The local bourse followed the Shanghai Composite, which gained 1.38% earlier. The Hong Kong Hang Seng earlier fell 0.14% and the Japanese Nikkei 0.16%. The US and London markets are closed for holidays.

At 10.15am,the all share gained 0.2% to 54534.1 points and the top 40 0.21%. 

Gold miners gained 1.01% as gold prices benefited from the dollar’s losses due to the escalating US-China trade tensions. Platinum miners went up 0.84% and resources 0.61%. 

Harmony climbed 2.05% to R23.39, AngloGold Ashanti 1.02% to R167.71, Gold Fields 0.76% to R55.41 and Sibanye 0.96% to R11.60. 

Among diversified miners, Glencore rose 1.02% to R48.33, BHP  0.82% to R330.70 and Anglo American 0.71% to R355.83.

Telkom fell 0.94% to R85.65, despite the telecoms company reporting improved earnings for the year ended March. Earnings before interest, tax, depreciation and amortisation (ebitda) grew 8.5% to R11.3bn. 

MTN fell 1.61% to R98.69 following reports that the Nigerian authorities will investigate the company’s listing on the Nigerian Stock Exchange. 

Massmart fell 3.19% to R63.77, continuing last week’s losses after the retailer said its headline earnings and headline earnings per share (HEPS) could more than halve for the six months ended-June.

Reunert is scheduled to publish half-year results on Monday.  Statistics SA is due to release tourism and migration data and statistics of liquidations and insolvencies.

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Source: businesslive.co.za