The JSE opened firmer on Monday as global markets rebounded on Friday’s higher-than-expected US jobs data, despite growing global trade tension.
Food and drug retailers led the gainers on the JSE, but banks, industrials and resources were also higher. Platinum and gold shares were weaker.
The Dow closed 0.9% higher and Asian markets were up on Monday with the Nikkei 225 rising 1.37% and the Hang Seng 1.55%, with Tencent gaining more than 2%.
Naspers was up a further 2% following a run of more than 5% on Friday.
The weaker greenback supported a rebound in the rand to R12.57 to the dollar from R12.6647 at the opening.
“The mood is mainly positive,” FxPro analysts said, but warned that escalating trade disputes were potential headwinds.
Canada has announced retaliatory trade measures against the US, while China said it would tear up any trade deal with the US if it imposed tariffs against China, FxPro noted.
At 10am the all share was 1.13% higher at 57,930 points and the top 40 had risen 1.29%. Food and drug retailers rose 1.88%, banks 1.44%, industrials 1.42%, financials 0.91% and resources 0.82%. The platinum index shed 0.48% and gold 0.32%.
Anglo American rose 1.09% to R314.19.
Anheuser-Busch InBev added 2.12% to R1,206.50.
Richemont rose 0.81% to R117.20. The group announced the acquisition of second-hand luxury watch trading site watchfinder.co.uk along with the disposal of French leather goods company Lancel, on Monday morning.
Remgro firmed 1.06% to R209.02 amid reports it could be a potential investor in Steinhoff Africa Retail.
Standard Bank jumped 2.31% to R215.94.
Mr Price was 0.06% off at R255.50 after reporting on Friday that overall revenue grew 8% to R21.3bn in the year to end-March.
In the property sector Sirius dropped 0.88% to R11.30 after reporting a 4.6% increase in its interim dividend, while Delta rose 1.76% to R6.35 on a flat dividend in the year to end-February.
Tongaat Hulett shed 0.27% to R78.97 after slipping 2.25% on Friday following Investec’s call for Tongaat’s CEO, Peter Staude, to step down, describing recent results as “appalling”.
Naspers rose 2.43% to R3,276.79.