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MARKET WRAP: Miners lead the JSE higher despite Brexit issues

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Uncertainty over Brexit has weighed on sentiment, although miners gained from safe-haven interest in gold and a rising oil price

The JSE rose on Wednesday, with gains by miners offsetting losses by banks, as British political chaos pushed investors towards safe-haven assets.

The all share gained 0.23% to 55,829.1 points and the top 40 0.24%. Gold miners added 2.24% and platinums 1.14%. General retailers lost 2.26% and banks 1.63%. Local news was downbeat. A business confidence index, compiled quarterly by Rand Merchant Bank and Stellenbosch University’s Bureau for Economic Research, fell three points to 28 in the first quarter of 2019 — a two-year low.

Libstar jumped 10.28% to R7.83. It earlier declared a maiden cash dividend of 22c a share for the year to end-December. After-tax profit in 2018 edged up 1% to R236m compared to the same period in 2017.

 

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Gold miners support flat JSE amid Brexit uncertaintyLocal gold miners are benefiting from global interest in safe-haven assets, while a strong performance by Naspers is helping to offset losses by banks
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