The JSE all share closed higher on Thursday, extending the bourse’s gains for the year as local stocks rallied in line with good news on US GDP growth that pushed Wall Street to a strong opening.
The JSE all-share index closed 1.27% higher at 58,771 points as gains in resources and industrials outweighed losses in some financial counters.
The 233 stocks that moved higher on Thursday accounted for R53bn of the day’s R58bn in turnover, while 140 counters moved lower.
Latest US commerce department data showed the economy grew in the third quarter at its fastest level since 2015. But in the UK, consumer confidence in December fell to a four-year low. The Bank of Japan maintained a policy of fiscal stimulus.
At 6.27pm, the Dow was up 0.44%, while the FTSE 100 had gained 1.07%, the DAX 30 0.41% and the CAC 40 0.66%.
At the same time, the rand was at R12.6982/$, a few cents firmer than its previous close of R12.7452, as jitters subsided over ANC conference resolutions, which appeared to take a more redistributive economic line.
The main message from the conference, which ended late on Wednesday, was government’s determination to stamp out corruption, and fight poverty and inequality.
Bond markets were firmer for most of Thursday, but weakened in late trade despite the rand recovering from an initial negative response to the ANC’s decision to seek changes to the Constitution to allow land expropriation without compensation.
At 6.30pm, the benchmark R186 was bid at 8.69% from Wednesday’s 8.66%.
The strength of the JSE’s industrial index reflected a 4.53% firming in heavyweight Naspers to R3,450.67. British American Tobacco added 2.39% to R855.23 and diversified resources giant BHP surged 2.91% to R248.83. Sanlam shed 2.87% to R84.
Steinhoff International shares, which have been pounded by revelations of accounting over-statements and possible fraud, recovered a little ground in late trade but were still 1.08% lower on the day at R4.57. Shares in Shoprite Holdings dropped 4.91% to R206.15 on an announcement that chairperson Christo Wiese, the biggest shareholder in Steinhoff International, had sold another R1bn in Shoprite shares.
The top-40 Alsi futures index gained 0.9% to 51,775 points. The number of contracts traded was 41,205 from Wednesday’s 90,712.
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