News24
11 Sep 2019, 23:44 GMT+10
The JSE rallied on Wednesday on the back of broad-based gains across all the major indices which were inspired by gains across most global stocks.
The Hang Seng led gains in Asia as it surged 1.78% while the Nikkei managed to rise 0.96%. The Shanghai Composite Index struggled as it lost 0.74%. Gains were recorded for all the major counters across Europe, while in the US the Dow Jones and S&P 500 indices opened firmer on the day.
There was disappointment in terms of South Africa's economic data as the RMB/BER business confidence index dropped to 21 in the 3rd quarter from a prior recording of 28. These are levels last reached during the financial crisis of 2008/09.
The rand traded softer on the back of this data as it slipped to a session low of R14.74/$ and it looked set to weaken further towards the JSE close. At 17:00, the rand was trading 0.68% weaker at R14.73/$.
Today was an important day on the JSE as index heavyweight Naspers [JSE:NPN], had its unbundling, Prosus [JSE:PRX] list in Amsterdam and Johannesburg. Prosus opened at R1 238.50 on the JSE before it closed at R1 202.65. Naspers' share price adjusted to factor in the unbundling and based on its new market cap and shares in issue it closed 6.08% higher at R2 465.00.
Pan African Resources [JSE:PAN] was buoyed by the release of a positive trading statement for its full financial year which saw the stock rally 9.13% to close at R2.39. Intu Properties [JSE:ITU] managed to gain 5.33% to close at R7.90, while Capital and Counties [JSE:CCO] added 2.83% to end the day at R40.37. Platinum miner Impala Platinum [JSE:IMP] clawed back some of the recent losses as it advanced 4.39% to close at R84.61,while diversified miner South32 [JSE:S32] gained 2.59% to close at R27.69.
Naspers sets R1.5 trillion value for its new company, Prosus
The weaker rand saw retailer Mr Price [JSE:MRP] fall 2.01% to close at R170.50, while Truworths [JSE:TRU] lost 1.72% to close at R55.28. ABSA Group [JSE:ABG] lost 1.43% to end the day at R158.69, while Standard Bank [JSE:SBK] shed a more modest 0.25% to close at R181.41. Growthpoint Properties [JSE:GRT] was dragged down by a drop in earnings per share which was highlighted in its full-year results, which saw the stock close 2.64% lower at R22.88.
The JSE All-Share index eventually closed 1.51% firmer while the JSE Top-40 index gained 1.65%. The industrials index led gains on the day as it rallied 2.12%, while the resources and financials indices added 1.53% and 0.12% respectively.
At 17:00, palladium was up 1.39% to trade at $1580.90/Oz, platinum was up 1.27% at $942.35/Oz, and gold had gained 0.7% to trade at $1495.69/Oz.
Brent crude was moderately firmer to trade 0.34% firmer at $62.58/barrel just after the JSE close.
Get a daily dose of California Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to California Telegraph.
More InformationISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...