JSE edges towards 57,000 points due to miners


Rising commodity prices provided support for the JSE on Tuesday morning, despite a lack of appetite for risk assets as uncertainty around Brexit escalated.

A third vote on UK Prime Minister Theresa May's Brexit agreement is not expected to take place this week, leaving May with the task of requesting more time from the EU later in the week.

Uncertainty over Brexit, along with the forthcoming US Federal Reserve monetary policy announcement on Wednesday, were providing sufficient reasons for traders to be cautious.

Local banks were under some pressure on Tuesday, while many other indices were flat.

At 10am the all share was up 0.33% to 56,957.5 points and the top 40 0.3%. The resources index was up 1.03% and platinums 0.8%. Banks were down 0.32%.

The local bourse last closed above 57,000 points in September 2018.

Gold and platinum were flat at $1,304.41/oz and $834.06/oz, respectively. Brent crude was 0.31% up at $67.66 a barrel.

Diversified miners were extending Monday's gains, boosted by a rising oil price. Oil has risen on continued pledges for production cuts by Saudi Arabia, while Venezuelan production continues to fall as a political crisis unfolds in that country.

Anglo American was 1.42% to R380.93 and BHP 1.2% to R341.20.

Sibanye-Stillwater had risen 2.82% to R15.70.

Alexander Forbes was unchanged at R4.60. It said earlier it had appointed Bruce Bydawell, a 16-year veteran of the company, as its new CFO.

Netcare was up 1.09% to R25.88. It said earlier that it had completed its disposal of two hospitals for a total consideration of R124m. The disposals form part of an agreement related to its acquisition of Askeo Clinics.