MARKET WRAP: JSE ends volatile week with broad-based gains

The JSE pushed higher on Friday in thin-volume trade, having extended its gains in the late afternoon, as market heavyweight Naspers released its results.

Banks and retailers led the gains on the day, but ultimately failed to reach their starting positions on Monday, when they came under strain as the rand slid due to international trade tension.

On Friday, global markets were buoyant, appearing unfazed by the ongoing global trade war and a 2% jump in the price of Brent crude. This followed clear signs that oil-cartel Opec and Russia had agreed to increase production, but by less than had been expected.

The export-heavy DAX 30, however, pared gains sharply on Friday afternoon, as automotive stocks were hit by a renewed threat by US President Donald Trump to impose 20% tariffs on EU vehicles, targeting Germany.

Markets, including in the US, were experiencing something of a bounce at the end of the week, said Oanda analyst Craig Erlam, but investors remained concerned over just how to proceed given the escalating tension. “While the Nasdaq may have shown cockroach-like resilience this week, and hit a record high in the process, other stock indices have not been so lucky.”

The all share closed 1.11% higher at 56,856.7 points and the top 40 gained 1.2%. The platinum index rose 1.46%, industrials 1.45%, banks 1.44%, general retailers 1.18%, food and drug retailers 0.85% and property 0.6%. The all share ended the week 1.39% lower.

Anglo American rose 1.26% to R303.19. Sasol slipped 0.63% to R467.88. Remgro gained 1.74% to R204.50.

FirstRand rose 2.59% to R61.40 and Standard Bank 0.95% to R190.24.

Discovery leapt 5.58% to R150.50 amid generally positive comment from management after government gazetted the National Health Insurance (NHI) Bill on Thursday.

Steinhoff added 2.46% to R1.25. It said earlier in a statement that its negotiations to sell Austrian furniture chain Kika-Leiner to Signa were near conclusion.

Shoprite rose 2.51% to R228.60. Dis-Chem was 0.68% lower at R26.32, amid reports that directors of the group were hedging exposure to their own shares.

Vodacom climbed 2.98% to R126.82. Naspers was up 3.1% to R3,307.43.

Imperial Holdings gained 5.09% to R206.14, recovering from a fall on Thursday, when it announced the unbundling of its automotive business.

The top 40 Alsi futures index gained 1.18% to 51,060 points. The index gained 1.45% for the week. The number of contracts traded was 19,934 from Thursday’s 12,775.