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JSE closes higher buoyed by global markets

Xinhua, June 21, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) opened the week on Monday higher in line with overseas markets, as the fears over a British exit from the European Union eased before Thursday's vote.

The all share was up 1.71 percent to 52,744.60 points at close of 5: 00 PM (CAT) paring last week's decline of 2 percent, as investors seem not keen on financial and industrial stocks, as well as miners.

Resource shares led 1.82 percent gains.

According to the weekend polls, the UK support had shifted to the "remain" camp and that assisted revive appetite for riskier assets, while dealing a blow to safe-haven assets such as gold.

The precious metal was off just 0.98 percent to $1285.76 an ounce, causing a 2.87 percent drop in the gold miners'index.

South Africa's rand strengthened as much as 2.5 percent against the dollar on Monday.

It is believed if Britain leaves the EU that would knock risk appetite and weaken the rand, while a vote to remain would strengthen gains in the short-term.

Among individual stocks, Glencore lifted 4.58 percent to R31.78, with Sasol recouped 3.19 percent to R409.49.

British American Tobacco was 2.70 percent up at R919. 75, with Richemont firming 1.68 percent to R92.10.

But AngloGold Ashanti lost 3.30 percent to R234.40, with Anglo American gaining 3.84 percent to R144.51.

Old Mutual gained 3.43 percent to R39.78 and Santam rose 3.47 percent to R236.00. Endit