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JSE closes higher on resources as oil prices jump

The JSE all share closed firmer on Thursday as resources gained on higher oil prices, and despite a range-bound rand.

Brent crude rose as refinery operations remained shut in Houston after tropical storm Harvey hit the Texas coastline for a second time, also causing heavy rain across Louisiana.

After showing little movement so far in the week following the Texas floods, Brent crude was up 2.88% to $52.31 a barrel at the JSE’s close.

The higher oil price had a positive influence on other commodities while the unchanged dollar, at $1.1877 to the euro, supported gold, which rose 0.55% to $1,315.44 an ounce. Platinum added 0.21% to $992.91.

The all share closed 0.63% higher at 56,522.10 points and the blue-chip top 40 added 0.65%. Resources rose 1.18%, food and drug retailers 0.88%, industrials 0.58%, gold 0.43%, and property 0.36%. Platinum shed 0.57% and banks 0.16%.

Anglo American gained 2.60% to R235.06 and BHP 0.65% to R246.95.

Sasol closed 1.91% higher at R391.88.

In property stocks, Growthpoint added 0.84% to R25.15, Hammerson 0.55% to R94.22, and Greenbay 2.31% to R2.21.

Super Group rose 4.98% to R41.31 as the market warmed to the company’s results, released earlier in the week.

Naspers closed 0.5% higher at R2,940.97.

The rand was largely unchanged at R13.0121 to the dollar from R12.9994, trading between R12.98 and R13.08.

Local bonds were marginally firmer with the R186 bid at 8.565% from 8.585% as US bonds firmed in choppy trade following mixed data released on the day.

ADP employment was better than expected, boding well for Friday’s non-farm payroll data, but US core inflation came in at an annual 1.4% in July, the lowest level since December 2015. As recently as February, the annual inflation rate was 2.2%, while core prices were up 1.9% from a year earlier.

The December meeting of the US Federal Reserve — the most likely to yield a final rate increase in 2017 — is fast approaching and without an improvement in the inflation data soon, it may well pass with rates unchanged and expectations of future increases much lower, said Oanda analyst Craig Erlam.

The top-40 Alsi futures index rose 0.55% at 49,746 points. The number of contracts traded was 20,523 from Wednesday’s 21,231.

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