The Johannesburg Stock Exchange (JSE) closed firmer on Tuesday after the Asian markets rallied as China pledged to open up more.
President Xi Jinping’s speech at the Boao Forum for Asia on Tuesday made mention of opening up of China economy more and reducing import tariffs on automobiles, among others.
South Africa’s rand was stronger on Tuesday at the close of the session, benefiting from risk-on trade, as global markets cheered signs that the United States and China would seek to resolve differences over trade amicably.
At 5:15 p.m., the local unit was at R12.06 to the dollar from R12.09, R14.87 to the euro from R14.9, and at R17.07to the pound from R17.09. The euro was at 1.2348 U.S dollar from 1.2321 U.S. dollar.
Mining stocks led at the opening, supported by industrials. Property stocks were flat as the market awaited Resilient’s update on the independent review into the company.
The all-share was 1.17 percent up at 56,747.24 points and the top 40 gained 1.31 percent. Resources rose 2.55 percent, industrials 0.87 percent, banks 0.81 percent, financials 0.73 percent and general retailers lost 0.5 percent. The gold index shed 1.91 percent.
Anglo American leapt 5.62 percent to R287.34. British American Tobacco rose 0.88 percent to R737.42 and Richemont 1.83 percent to R112.23.
Steinhoff Africa retail slipped 6.72 percent to R19.17. Enditem