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JSE edges up, buoyed by resources

Xinhua, May 6, 2016 Adjust font size:

The Johannesburg Stock Exchange closed in positive terrain on Thursday, buoyed by resources and a weaker rand which lifted the industrial shares.

At the close of trade at 5: 00 pm, the all share index edged up 0.12 percent at 51, 933, 80 points, while the blue-chip top 40 climbed 0.14 percent.

Resources staged a recovery, adding 2.81 percent, after a sharp drop over the past two days. The rebound in the sector came despite low global metal prices. Gold declined 0.18 percent to 1,276.70 U.S. dollars an ounce.

The firmer dollar and weaker commodity prices kept the rand under pressure ahead of Friday's nonfarm-payroll data in the US, which could indicate the likelihood of further increases in US interest rates this year.

The rand was weighed down by global risk-off selling of emerging market currencies on concerns about global growth this year.

At 5 pm, the rand was trading at R14.94 to the US dollar, R21.65 to the British pound and R17.04 to the euro.

On the top 10 gainers list was DRD Gold, whose shares climbed 7.29 percent to sell at R7.51 after 1,269,629 shares were exchanged in 481 deals. Also on the list was Blue Label Telecoms, whose shares rose to R17.40 after 942 deals traded 930,614 shares, a boost in the share price of 7.14 percent.

Arcelormittal SA was amongst the biggest movers downwards, as shares slid 5.26 percent to R9.00 after investors bought and sold 1,539,802 shares in 540 deals. Kumba Iron Ore fell 5.21 percent to R109.00. Endit