JSE slightly higher as US markets hit record territory again

The JSE all share opened slightly higher on Tuesday as the market followed upbeat performances from US markets on Monday.

The Dow Jones industrial average closed 0.32% firmer‚ as steel and energy shares recorded gains. All three major indices‚ including the S&P 500 and the Nasdaq‚ posted record closes for the second time in a week.

Asian markets were weaker on Tuesday morning with the Nikkei 225 down 1.62% as the stronger yen affected export companies negatively. The Hang Seng fell 0.13%.

At 9.35am the all share was up 0.13% at 52‚464.30 and the blue-chip top 40 rose 0.17%. The platinum index added 1.75% and resources climbed 0.31%. Industrials were 0.24% higher. The gold index dropped 1.17% and property was 0.46% lower.

The Brent crude price continued on its recent run‚ gaining 0.27% to $48.37 a barrel.

Momentum SP Reid analysts said in an early morning note that US indices were relatively overbought in the short term‚ which suggested there could be some marginal profit-taking and technical weakness when the market opened on Tuesday.

The analysts said global markets were reacting positively to central bank policy action and investors were expecting a lower yield environment to remain in place in the lead-up to the US presidential election.

Early morning focus was on miners‚ with BHP Billiton reporting an annual headline loss per share of 16.3 US cents from a headline earnings per share of 128.7c per share in 2015. BHP Billiton was 0.81% higher at R179.52.

Anglo American rose 1.15% to R151.73.

Kumba Iron Ore firmed 3.75% to R141.90.

AngloGold Ashanti shed 1.74% to R278.50.

Among platinum stocks‚ Impala Platinum lifted 2.52% to R66.40.

Construction group Basil Read Holdings rocketed 8.97% to R3.16 after announcing in a trading statement that interim HEPS to end-June were expected to be between 18.5% and 37.4% higher.

Redefine Properties dropped 1.18% to R11.70. Hypro added 0.25% to R141.35.

Sappi shed 1.07% to R67.27.

Educational group Curro Holdings was down 0.45% to R42.50. It reported interim HEPS to end-June rose 51% from 14.5c to 22c.

City Lodge dropped 0.96% to R162.55 after releasing results earlier in the week. 

- TMG Digital/BDlive