JSE ends 1% higher to cap off week of gains

The JSE capped off a week of consecutive gains to again close firmer on Friday, led by index heavyweight Naspers and miners.

The local bourse shrugged off a mixed session in Asia as it opened firmer and continued to inch higher during the session. European markets traded marginally stronger as investors assessed the trade talks between China and the US, as well as speeches from Fed governors at the Jackson Hole Symposium. 

On the JSE, Naspers [JSE:NPN] rose following their annual general meeting held on Friday, where the chairman indicated the multinational is taking steps to reduce its exposure to the JSE by narrowing its valuation gap to Tencent Holdings. The stock gained 2.82% to close at R3 538.06 per share.

Clicks [JSE:CLS] picked 3.48% to close at R203.65 per share, while Netcare [JSE:NTC] firmed to R28.99 after the stock gained 2.19%. 

On the broader index, ArcelorMittal [JSE:ACL] jumped 6.22% to close at R3.93, and Steinhoff International [JSE:SNH] closed 5.48% higher at R2.31 per share.

Platinum miner, Royal Bafokeng Platinum [JSE:RBP] was buoyed by higher metal commodity prices which saw the stock close 4.82% firmer at R23.06. Glencore [JSE:GLN] posted gains of 3.09% to close at R58.64, while Old Mutual ended the day 2.56% firmer at R29.81 per share.

Construction firm, WBHO [JSE:WBO] slipped by 7.55% to close at R147.00 per share, ending as one of the day's biggest losers. South32 [JSE:S32] pulled back by 1.31% to close at R36.25 per share. 

British American Tobacco [JSE:BTI] was dragged lower due to the stronger rand which saw it drop 2.93% to close at R721.22 per share. Woolworths [JSE:WHL] lost another 1.19% to close at R50.00, while bankers Standard Bank [JSE:SBK] and Nedbank [JSE:NED] lost 1.36% and 0.85% respectively.

The JSE All-Share remained buoyant as it closed 1.02% firmer, while the JSE Top-40 index gained 1.17%. All the major indices managed to close in the green. The Industrials index climbed 1.34%, while the Resources and Financials indices gained 0.98% and 0.52% respectively.

Brent crude climbed above $76/barrel, reaching a session high of $76.42/barrel. The commodity was trading 1.95% firmer at $76.19/barrel just after the JSE close.

The US dollar erased all of Thursday’s gains which saw gold and the rand rebound from their overnight lows. The rand strengthened to a session high of R14.17/$ before retracing to trade at R14.24/$ at 17.00 CAT.

Gold gained over a percent to reach a session high of $1 207.23/Oz on the back of the weaker US dollar. The precious metal was trading 1.83% firmer at $1207.34/Oz at 17.00 CAT.

Palladium rallied to trade 2.49% firmer at $938.80/Oz, while Platinum was up 2.49% to trade at $794.03/Oz. At 17.00 CAT, Bitcoin was up 0.88% to trade at $6 506.80/coin, and Ethereum was down 0.74% to trade at $271.47/coin.

* The JSE market update is from GT247.com, an online broker and authorised financial services provider.

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