JSE trades a bit higher as market eyes new catalysts

The JSE subdued on Monday morning, with gains by gold miners and Naspers being offset by banks and retailers, amid cautious trade.

Markets are watching for a string of global economic data releases this week, while interest-rate decisions are due from the US Federal Reserve on Wednesday, and the Bank of England on Thursday.

Local activity may subdued by the shortened trading week, with markets closed on Wednesday for the Workers’ Day public holiday.

At 10am on Monday the all share had inched up 0.12% to 58,965.5 points and the top 40 was 0.24%. Gold miners added 0.46% and industrials 0.37%. Banks were down 0.57% and general retailers 0.45%.

Gold was down 0.35% to $12,81.28/oz and platinum 0.24% to $897.16. Brent crude was 0.2% higher at $71.72 a barrel.

Later on Monday the EU is scheduled to report consumer confidence data, and the US will release personal income and spending numbers as well.

Locally, balance of trade figures are due on Tuesday, while the Absa purchasing managers’ index is due on Thursday. The PMI, which gauges activity in the manufacturing sector, fell for a third consecutive month to 45 points in March — indicating a contraction in the sector.

Diversified miner Glencore recovered 0.43% to R58. It slumped 3.75% on Friday, amid reports that US authorities were investigating alleged corrupt practices related to its operations in Venezuela, Democratic Republic of Congo and Nigeria.

Sasol was down 0.78% to R476.

Rand hedge British American Tobacco gained 1.38% to R556.15.

Reinet Investments was up 1.09% to R237.05. It said earlier that the net asset value of its main investment vehicle rose 24.7% in the three months to end-March 2019, compared to the same period in 2018.

MTN fell 1.17% to R102.78, despite it saying earlier its division in Ghana saw revenue growth of 21.9% year on year for the three months to end-March. Service revenue rose 21.9% compared with the same quarter a year before, as voice revenues climbed 20.3%, data revenues grew 22.3% and mobile financial services revenues 51%.

Naspers was up 1.43% to R3,745.93.

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