JSE pushes higher as market eyes budget statement

The JSE pushed higher in broad-based gains on Monday morning, in line with global markets.

Asian bourses were higher, with sentiment lifted by the resumption of trade talks between the US and China in Washington this week.

Both sides reported progress in talks conducted last week, and the motivation to strike a deal before the March 1 deadline was clear, said London Capital Group analyst Jasper Lawler.

At 2.15pm the all share was up 0.58% at 54,942.9 points and the top 40 0.52%. Gold miners had added 3.53% and platinums 2.81%

Local focus is squarely on Wednesday’s budget policy statement, and the rand is expected to be somewhat range-bound until clarity on the state of the fiscus is given.

The rand was flat at R14.0823 to the dollar, while it had weakened 0.29% to R15.9586 to the euro and 0.19% to R18.2131 to the pound. The euro was 0.35% weaker at $1.1332.

Gold was up 0.29% to $1,3244.80/oz and platinum 0.39% to $806.61. Brent crude was 0.3% lower at $66.12 a barrel.

Anglo American Platinum added 1.3% to R699.91, having earlier reported post-tax profit of R6.99bn for the year to end-December, compared with R1.9bn the year before. Rising palladium prices and a weaker rand have supported the miner.

Gold Fields was up 5.83% to R55.54 and Sibanye-Stillwater 5.47% to R15.04.

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