The JSE closed firmer as banks and retailers bounced back from Monday’s sell-off, while global markets were mixed as Covid-19 remains a threat to economic recovery.
The JSE all share gained the most in four weeks on Tuesday, up 1.12% to 66,548 points and the top 40 rose 1.13%. Retailers gained the most in about a month, up 3.91%. Banks added 2.48%, the most in three weeks, financials 1.92% and industrials 1.67%.
Tech-heavy Naspers and Prosus also stood out, rising the most in about two weeks, up 2.35% and 2.06% to R3,036.32 and R1,424.84, respectively.
Nedbank led the gains in its sector, rising the most in three weeks, up 3.78% to R171.83. FirstRand added 2.85% to R58.32, Standard Bank 2.63% to R127.32 and Absa 2.61% to R135.08.
Among retailers Massmart leapt 6.53% to R65.60, its biggest gain in six weeks. Truworths firmed 5.33% to R56.15, Mr Price 5.12% to R214.97, TFG 4.36% to R159.57, Woolworths 3.39% to R54.58 and Pepkor 3.28% to R20.49.
Caution remains in global markets as the Delta variant of Covid-19 remains dominant in a number of countries. Its fast spread has seen some parts of the UK, Thailand and SA reverting to tighter lockdown restrictions.
“Covid-19 concerns continue to dominate market sentiment,” said RMB market analyst Siobhan Redford. “We are in the thick of the third wave and the latest tally of new infections remains elevated.”
Oanda senior market analyst Jeffrey Halley said: “Stock markets just cant shake off the pandemic blues. The Delta variant is having a global impact, with disquiet creeping into equity markets over whether forecasts of reopening and recoveries need to be revisited.”
Earlier, the Shanghai Composite fell 0.92%, Hong Kong’s Hang Seng 0.97% and Japan’s Nikkei 225 0.81%.
The rand weakened along with its emerging market peers, reaching an intraday worst of R14.3737. At 6.25pm, it had weakened 0.43% to R14.3214/$, 0.26% to R17.0519/€ and 0.21% to R19.8342/£. The euro was 0.17% weaker at $1.1903.
Gold lost 0.73% to $1,764.63/oz and platinum 1.39% to $1,075.80/oz. Brent crude was 0.27% weaker at $74.35 a barrel.
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