MARKET WRAP: JSE extends winning streak on miners and rand hedges

A lack of clear direction in global markets and renewed weakness in the rand weighed on the JSE on Wednesday, but the local bourse ultimately closed higher for the 10th-consecutive session.

Local banks and food and drug retailers lost the most, with both indices falling about 2%, as the rand weakened while oil prices rose.

Global markets were awaiting further clarity from ongoing trade talks between the US and Canada, with analysts saying that signals from both sides pointed to a desire to expedite a solution.

Some pressure on interest rate-sensitive shares also came from a rising oil price, with Brent crude having climbed above $76, lifted somewhat by market concerns over Venezuelan production.

Corporate news was mixed, but Steinhoff International surged 25% to R2.75, after it told parliament it intended to release restated results for its 2017 financial year by the end of December. Its 2018 results are expected by the end of January.

The all share rose 0.21% to 60,165.5 points and the top 40 0.27%. Resources gained 1.59% and gold miners 1.43%. Banks fell 1.7%, food and drug retailers 2.04% and general retailers 1.22%.

Diversified miner BHP gained 2.18% to R318.79 and Glencore 1.85% to R61.

Rand hedge British American Tobacco firmed 1.89% to R721, Richemont 1.64% to R130.93 and AB InBev 1.25% to R1,413.80.

Standard Bank fell 2.67% to R189.53 and Absa 2.02% to R164.72.

Shoprite lost 4.23% to R211.

Group Five plunged 30.61% to 68c, after earlier warning losses had widened in the year to end-June, with headline losses per share expected to grow by between 52.4% and 70%.

Nepi Rockcastle gained 1.93% to R135.56, after earlier reporting a 12.9% increase in distributable earnings per share for the first interim period to end-June.

Growthpoint fell 1.41% to R25.80, having earlier reported 6.5% growth in full-year distributions to R2.09 a share.

Shortly after the JSE closed, the Dow was up 0.2% to 26,117.22 points, while in Europe the FTSE 100 had fallen 0.77%. The CAC 40 was 0.33% higher and the DAX 30 0.24%.

At the same time, platinum had risen 0.37% to $793.55 an ounce and gold 0.23% to $1,203.44. Brent crude was 0.61% higher at $76.37.

The top 40 Alsi futures index rose 0.13% to 53,815 points.