JSE pushes higher led by diversified miners

The JSE edged higher on Monday morning, led by Naspers, although banks and financial stocks under some pressure.

The rand was stable, and is expected to remain range-bound until later in the week.

The major event is the US Federal Reserve monetary policy announcement on Wednesday, although yet another vote on UK Prime Minister Theresa May’s draft agreement is due on Tuesday.

At 10.05am the JSE was up 069% to 56,426.2 points and the top 40 rose 0.67%. Resources had added 1.35% and industrials 0.71%.

Gold was up 0.22% to $1,303.81/oz and platinum 0.33% to $832.48. Brent crude was 0.24% higher at $67.18 a barrel. Oil has found support recently by promises by Saudi Arabia of extended production cuts, while electricity problems in Venezuela is reducing production in that country.

Diversified miner BHP was up 1.62% to R334.11 and Anglo American 1.47% to R374.42.

Sasol had added 1.14% to R429.

Hulamin slumped 8.55% to R4.28. It reported that revenue rose 8.5% in the year to end-December, although it said retail growth had disappointed in its second half.

Rand hedge British American Tobacco was 1.86% up to R593.62 and AB InBev 1.01% to R1,181.87.

Steinhoff International had added 9.78% to R2.02. On Friday, an overview of PwC’s forensic investigation into the retailer’s past suggested that the quantum of fictitious transactions at the retailer may be slightly less than originally thought.

Naspers had firmed 1.61% to R3,196.55.

AdvTech was down 0.96% to R12.32. It reported earlier that revenue rose 11% in the year to end-December. 

Sun International gave back 0.91% to R55.83. It said that adjusted headline earnings rose 20% in the year to end-December.

[email protected]