JSE firmer as FBI clears Clinton again on private e-mail usage

07 November 2016 - 12:54 By Maarten Mittner
subscribe Just R20 for the first month. Support independent journalism by subscribing to our digital news package.
Subscribe now
Hillary Clinton's presidential campaign had been rocked after the FBI said new e-mails had been discovered that have led to an investigation of her communications being reopened.
Hillary Clinton's presidential campaign had been rocked after the FBI said new e-mails had been discovered that have led to an investigation of her communications being reopened.
Image: AFP PHOTO

The JSE opened firmer on Monday as the news that the Federal Bureau of Investigation (FBI) had found no evidence of criminal wrongdoing in Democratic nominee Hillary Clinton’s use of a private e-mail server supported Asian markets.

The news was released by the FBI on Sunday evening and is seen as a boost for Clinton‚ one day before voting takes place on Tuesday. A Clinton administration is generally regarded as more market friendly than one led by Donald Trump.

At 9.30am‚ the all share was up 0.74% to 50‚055.80 points and the blue-chip top 40 rose 0.83%. Banks were up 1.79%‚ food and drug retailers 1.58%‚ general retailers 1.18% and industrials 0.96%.

The gold index shed 2.81% and platinums 0.64%.

story_article_left1

The Dow Jones closed 0.24% lower on Friday with the US election too close to call at the time and with US jobs data on Friday pointing to a rate hike in December. The Nikkei was 1.61% higher and the Hang Seng added 0.84% on Monday morning.

“The FBI’s decision to not pursue Clinton with regards to her lapses in judgment on e-mail security‚ has encouraged the market tone at the commencement of the new week‚” Momentum SP Reid analysts said in an early morning note.

The lead-up to election day was likely to "witness a generally jittery tone for risk assets with slightly lower volumes"‚ Momentum said.

Gold was an immediate casualty with the price retreating 1.18% to $1‚288.43/oz after firming to above $1‚300 last week as a hedge for a possible Trump victory.

Among individual shares on the JSE‚ Glencore added 2.30% to R41. Anglo American rose 1.07% to R183.70.

After three consecutive losing sessions at the end of last week‚ Sasol added 0.83% to R366.02. Brent crude lifted 1.12% to $46.06 a barrel on Monday morning.

Richemont dropped 0.98% to R93.33. It rose more than 8% on Friday after the luxury goods company announced management changes.

Among gold shares‚ Harmony dropped 3.50% to R43.81.

FirstRand jumped 1.98% to R48.85 and Standard Bank added 1.95% to R144.77.

Clicks rebounded 2.01% to R122.26. Shoprite firmed 1.31% to R188.49.

Lewis group fell 1.92% to R37.25.

MTN added 0.72% to R113.57.

Taste Holdings plummeted 9.78% to R1.66.

Clover Industries jumped 4.77% to R17.80.

– TMG Digital/BusinessLIVE

subscribe Just R20 for the first month. Support independent journalism by subscribing to our digital news package.
Subscribe now