JSE opens firmer as traders eye US jobs data

The JSE opened firmer on Friday as global markets remain focused on US nonfarm payroll data set to be released in the afternoon.

Platinum shares rose despite a softer spot price while general retailers were marginally higher after five days of losses.

The market is expecting a consensus figure of 185‚000 jobs created in August from 255‚000 in the previous month but a higher number would increase the likelihood of a hike in September month as it indicates a healthy US economy.

At 9.35am‚ the all share was 0.66% firmer at 52‚979.60 points and the blue-chip top 40 added 0.74%. Platinums were up 1.45% and banks recovered 1.44%. Financials rose 0.81%. Industrials firmed 0.64%.

The Dow Jones closed flat on Thursday with Asian markets flat to marginally up on Friday morning. The Nikkei 225 lost 0.01%‚ but the Hang Seng rose 0.34%. The Shanghai Composite added 0.13%.

The price of Brent crude continued to decline‚ softening 0.31% to $45.59 a barrel on Friday morning. It dropped for the fourth consecutive day on Thursday.

This followed a statement by Saudi Arabia’s oil minister that the country would continue to pursue market share in Asia‚ but was not in a price war with other countries‚ despite cutting prices to its Asian and European buyers.

For now‚ the oil market remained in a supply glut‚ with oil cartel Opec convening informal talks later in September to discuss stabilisation efforts for the oil price‚ Nedbank Corporate and Investment Banking (CIB) analysts said.

Sasol recovered 0.81% to R366.95.

Among platinums‚ Impala Platinum rose 3.22% to R63.83 following the release of annual results earlier in the week.

Nedbank rose 2.48% to R208.90. Standard Bank firmed 1.92% to R132.73.

Mr Price shed another 1.04% to R166.75. It released a disappointing sales update on Wednesday. It has lost 23% so far this week.

Among property stocks‚ Hyprop was 1.12% lower at R124. Hyprop declared a total distribution of 619.9c per share for the full year on Friday‚ up 14.2% from the previous year‚ with the dividend for the six months to June increasing 14.9% to 322.10c per share. Growthpoint recovered 1.08% to R25.17 after reporting dividend growth of 6% for the year to end-June on Thursday. Newly listed Hammerson was 0.27% down at R115.44.

Famous Brands was 0.07% lower at R151.26 after announcing a takeover of Britain’s Gourmet Burger Kitchen for R2.1bn on Thursday.