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JSE rallies on Monday, with gains from bank and financial stocks

Xinhua, August 2, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) rallied at the start the new month, led by banks and financial stocks.

All the main indices were trading in positive terrain, with platinum and banking counters leading the gainers, adding 2.51 percent and 2.49 percent, respectively. Resources also gained 1.85 percent.

The resources sector held up decently, supported by commodity prices that picked up materially late on Friday when the local market had already shut.

At the close of trading on Monday, the JSE all share index was up 0.62 percent at 53,126.80 points and the blue-chip top 40 surged 0.51 percent.

The South Africa rand was weaker at the close of trading session, trading at R13.88 to the US dollar, R18.31 to the British pound and R15.51 to the euro.

The local currency rallied to its best level against the dollar since October, a development that is expected to tame the stubborn consumer inflation.

Among individual shares on the JSE, Nedbank, a unit of Anglo-South African financial conglomerate Old Mutual was up 6.68 percent to R212.30.

Standard Bank was up 3.98 percent to R144.07 with FirstRand gaining 3.23 percent to R50.16. Endit