JSE ends firmer - CNBC Africa

JSE ends firmer


by Trust Matsilele 0

JSE all share index finishes firmer. PHOTO: Getty Images

The highlight for the day was Naspers which was up by more than two per cent.

The all share index closed firmer today, however financials and resources came under pressure, but industrials were stronger.

On the commodities front, Brent crude oil edged higher to 109 US dollars per barrel while copper performed in positive territory and gold was still below the key at 1,300 US dollars per fine ounce.

Platinum over the last two days has been performing strongly, though the strikes in the platinum belt are now in the 17th week.

(READ MORE: Platinum strikes could drive S.Africa into a recession)

The rand also weakened from 10.35 rand to 10.44 rand to the US dollar, which is a significant weakening.

On companies that recently released results, in reference to PPC, Lavan Gopaul, chief investments officer at Trademar Futures noted that there has been a turnaround in terms of earnings with the company’s Normalised earnings of 86 cents per share.

(READ MORE: PPC Group revenue up by 9 per cent)

“The company seems to have been focused on African expansion, certainly PPC’s story is long term and as they make inroads into Africa there will be a positive report on earnings.”

On Coronation’s positive results, he said, there is always a common thread that financial service businesses will flow with the momentum of the markets and this is reflected in asset managers, money managers and financial services companies.

(READ MORE: Coronation benefits from strengthening equity markets)

He added that, a number of financial services companies continue to release results, trends will show that most institutions in this sector would have taken advantage of the buoyant market.