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JSE rebounds ahead of Easter weekend

Xinhua,March 30, 2018 Adjust font size:

JOHANNESBURG, March 29 (Xinhua) -- The Johannesburg Stock Exchange (JSE) rose convincingly on Thursday ahead of the Easter weekend.

The all share was up 1.3 percent to 55,474.52 points by the close of the session, while the top 40 gained 1.36 percent to 48,794.5 points amid bargain-hunting in banks and several other sectors of the market.

Mining titan Anglo American added 2.75 percent to R276.28, BHP 2.73 percent to R234.59 and Exxaro Resources 3.94 percent to R108.99.

FirstRand picked up 3.39 percent to R66.9, Standard Bank 2.87 percent to R221.16 and Capitec 3.53 percent to R893.25. Old Mutual was up 2.33 percent to R39.99 and Discovery 2.63 percent to R171.99.

Healthcare stocks received a big boost from Netcare's decision to exit the UK market, as well as a weaker rand. Netcare jumped 4.01 percent to R28 adding to a more than 7 percent gain on Wednesday.

The South Africa rand weakened further on Thursday afternoon, marking a fairly sharp reversal from highs it touched at the start of the week.

The drop in the value of the local unit came hardly 24 hours after the Reserve Bank's monetary policy committee cut interest rates by 25 basis points to 6.5 percent, citing relatively lower inflation and improved economic growth outlook.

At 5:15 p.m, the local unit was trading at R11.85 to the dollar from R11.77, R14.56 to the euro from R14.49 and at R16.62 to the pound from R16.57. Enditem

 

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