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1st LD Writethru: JSE edges up ahead of public holiday, election outcome

Xinhua, August 9, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) edged up on Monday ahead of the country's Women's Day public holiday, but had losses across the board led by a 3.21 percent drop in gold mining stocks.

At the close of trading session, the all-share index was up 0.37 percent to 52486.65 points, with the top 40 having gained 0.28 percent.

The rand was trading at R13.77 to the US dollar, R17.95 to the British pound and R15.24 to the euro at 5pm.

Gold had fallen 1.69 percent to sell at 1,338.29 U.S. dollars an ounce.

Outcomes of the South African municipal elections also contributed to the gains on Monday's trading.

"The financial markets welcomed the election outcomes. It was positive outcomes because the DA is perceived as an investor friendly party as opposed to the pro-social African National Congress," said Nsununguli Mbongolwane, a project management consultant from Expert Factor.

"When DA captured the Nelson Mandela Bay municipality, the rand improved to less than 14 against the US dollar which we last saw two years ago," according to Mbongolwane.

South Africa held local government elections on August 3, with results showing nationwide support for the governing African National Congress falling from 61.9 percent in 2011 to 53.91 percent his year. The opposition Democratic Alliance (DA) made inroads to the areas previously dominated by the ANC. The DA also won the administrative capital of Tshwane (Pretoria).

Banks and broader financial stocks held up on the account of a strong rand environment, which lessens the likelihood of an interest-rate increase in the short term.

Among individual shares on the JSE, Anglo American was down 0.02 percent to R155.68 while BHP Billiton gained 2.88 percent to R185.95.

Sasol picked up 3.29 percent to R375.33 and African Rainbow Minerals gained 5.60 percent to R102.96.

British American Tobacco was off 2.71 percent at R773.58. Endit