The JSE ended close to a record high on Friday, as its main global peers also posted gains amid hopes that the US Federal Reserve will cut rates next month.
The JSE all share index gained 0.73% to 81,686.49 points, just shy of its record of 81,792.55, and taking its year-to-date gains to 6.23%. The top 40 was 0.78% firmer.
The local bourse was helped by gains in the industrial metals and mining and industrials indices, which were both up 1.3%.
Local stocks that posted gains on Friday included Naspers, which was up 3.29%, and Prosus, which added 3.47%.
Though a fairly quiet local corporate news day, shares in international real estate firm Burstone jumped 7.65% to R7.74, after the company said it was in talks regarding the potential formation of a strategic partnership with funds advised by affiliates of Blackstone Europe.
BHP was up 2.29% after the company said it had reached an agreement with Brazilian miner Vale over proceedings in the UK related to damage caused by a 2015 dam collapse that killed 19 people in Brazil.
Reuters reported that Wall Street’s main indexes rose after slightly hotter-than-expected producer price numbers did little to change bets around a US Federal Reserve interest-rate cut in September.
The US is also heading into earnings season, with banks being a feature on the day, posting mixed results.
After data released on Thursday showed a surprise fall in US consumer prices, producer prices increased moderately in June, confirming the inflation downtrend. Traders see a 96% chance of a September rate cut, up from 77.7% a week ago, according to CME Group's FedWatch, Reuters reported.
The JSE's global peers were also higher, with the Dow Jones industrial average up 0.78% at 5.50pm. In Europe, the FTSE 100 had added 0.38%, France’s CAC 40 1.42% and Germany’s DAX 1.26%.
The rand was steady around the R18/$ level after it firmed briefly below R18 against the dollar on Thursday.
At 5.55pm, the rand was little changed at R17.9973/$ and was 0.46% softer at R19.6269/€, and down 0.72% at R23.3747/£. The euro was 0.36% firmer at $1.0905.
In the commodities market, gold was down 0.17% to $2,410.43/oz, while platinum was up 0.1% to $997.98/oz. Brent crude was 0.37% higher at $85.83 a barrel.
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