MARKET WRAP: JSE closes slightly higher in thin trade ahead of public holiday

THE JSE closed slightly higher in subdued trade on Tuesday ahead of Wednesday’s public holiday and the US Federal Reserve’s interest rate decision.

The all share started the day weaker, but received some support from risk-on trade later in the day on softer US data. By 5pm, the value of shares traded was lower than usual at R13.8bn.

A weaker dollar supported commodities with the gold price up 0.30% to $1,241.52 an ounce just after the JSE’s close. The platinum price had added 0.54% to $1,016.41 an ounce. The price of Brent crude had risen 1.36% to $45.36 a barrel.

At 5pm, the all share closed 0.15% higher at 53,063 points and the blue-chip top 40 had added 0.24%. The South African listed property index rose 0.70% and financials lifted 0.69%. Banks were up 0.61%. The gold index shed 3.55%, platinums closed 1.03% lower and resources gave up 0.8%

The Dow Jones industrial average was flat at the JSE’s close (-0.05%). European markets were mixed with the FTSE 100 having added 0.39%. The DAX was down 0.54%.

Among individual shares on the JSE, Glencore ended the day 2.09% lower at R31.91 and Anglo American was 2.04% weaker at R140.34.

Rand hedge British American Tobacco shed 1.07% to R868.65.

AngloGold Ashanti was 3.92% lower at R207.35 among gold shares.

In the banking sector Barclays Africa lifted 0.67% to R144.82. It was reported earlier that former Barclays CEO Bob Diamond was teaming up with private equity group Carlyle to prepare a bid for the group’s African operations.

Capitec crossed the R600 level again, closing 2.83% higher at R607.74. It reached a record R622.72 earlier in the month.

Short-term insurer Santam shed 1.86% to R237.50 after reaching a record high of R249.97 earlier in the week.

Steinhoff was 1.31% higher at R87.15 as the market expects the group to increase its previous offer of $1.2bn for French retailer Darty. Steinhoff’s rival Fnac lifted its offer in the bidding war for Darty to $1.3bn on Monday.

Datatec plummeted 12.92% to R44.90. The group said on Tuesday it expected headline earnings a share in the year to February to have declined by 51%.

Pharmaceutical group Aspen closed 1.72% up at R327.

The rand turned firmer in late afternoon trade.

At 5.45pm‚ the rand was trading at R14.3975 to the dollar from R14.4530 at Monday’s close. It was at R16.2871 against the euro from R16.2859 previously‚ and at R21.0079 against the pound from R20.9322 previously.

The euro was at $1.1312 from $1.1268.

Local bonds were weaker in illiquid trade on Tuesday afternoon, with many market participants taking to the sidelines as they await Wednesday’s rate decision by the US Federal Reserve.

At 5.45pm the benchmark R186 bond was bid at 9.120% and offered at 9.100% from Monday’s close of 9.080%.

The middle-dated R207 was bid at 8.530% and offered at 8.515% from a previous close of 8.535%.

Futures ended Tuesday’s session slightly firmer in line with the JSE, as world markets climbed for the first time in four days after a weaker dollar saw a rise in oil prices.

At 5.45pm CAT, the local near-dated Alsi futures market was 0.37% higher at 47,195 points. A total of 19,229 contracts traded from 22,426 on Monday.

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