JSE opens firmer in quiet trade as banks jump on stable rand

The JSE opened firmer in quiet trade on Monday morning‚ as buyers returned to Asian markets following a flat close on the Dow on Friday.

Banks‚ financials and retailers were higher at the opening on a stable rand. Property and industrial stocks were also early-morning gainers‚ but resources lost ground on weaker metal prices.

“The market tide is slowly turning towards some risk-on sentiment‚ and we expect the rand to drift stronger today on the back of that sentiment‚” said TreasuryOne dealer Andre Botha.

The Hang Seng rose 1.75%.

The market was eyeing Wednesday’s interest-rate decision from the US Federal Reserve‚ with the expectation for rates to be kept on hold. The main emphasis will fall on the Fed’s guidance for the rest of the year‚ with markets waiting for a more hawkish tone‚ which could benefit the dollar.

At 10:08am the all share was 1.01% higher at 58 036 points and the top 40 had climbed 1.08%. Banks rose 1.99%‚ property 1.73%‚ financials 1.63%‚ food and drug retailers 1.55% and industrials 1.5%. Resources dropped 0.5%.

British American Tobacco added 0.62% to R680.33.

FirstRand rose 2.07% to R67.09 and Standard Bank 1.99% to R214.86.

Steinhoff slipped 2.04% to R1.92. Retail tycoon Christo Wiese sued the troubled company for R59bn last week.

Growthpoint rose 2.38% to R29.23 amid reports the group’s expansion in Eastern Europe was gaining traction. Nepi Rockcastle rose 2.71% to R139.69.

Naspers gained 2.17% to R3 059.97.

Sappi dropped 0.82% to R80.77.

– BusinessLIVE

Source: TMG Digital.

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