JSE lifts slightly led by banks, as rand cheers soft Brexit

The JSE edged higher on Thursday morning, boosted by a weaker dollar, which helped provide support for local banks and miners.

A combination of cooling fears of a hard Brexit, as well as comments by US Federal Reserve chair Jerome Powell about slowing economic growth in 2019, put the greenback under mild pressure.

At 9:33am the all share was up 0.24% to 52,123.8 points, and the top 40 had risen 0.24%. Banks had added 0.66%, food and drug retailers 0.54% and resources 0.43%.

Gold was up 0.16% to $1,212.85 an ounce and platinum 0.36% to $838.34. Brent crude was 0.67% higher at $66.28 a barrel.

Economic data has taken a back seat, although US retail sales data at 3:30pm will get some attention.

The local corporate calendar is somewhat busy. Investec gained 0.85% to R92.78, after earlier declaring an interim dividend of 11 UK pence for the six months to end-September, a slight increase from the prior period's 10.5p.

Mediclinic fell 0.95% to R66.01 having earlier left its dividend for the year to end-September unchanged at 3.2p, reporting that during the period it fell 1% in pound terms, but rose 2% when adjusted for rand depreciation.

Sappi fell 0.2% to R80.88, after reporting earlier that profit for the year to end-September fell to $323m from the prior period's $338m. The paper and pulp producer, however, upped its dividend to 17c from the prior period's 15c.

Rand hedge AB InBev gained 0.92% to R1,077.37, while British American Tobacco edged 1.45% lower to R524.94.

Sibanye-Stillwater firmed 4.05% to R8.74, as the company continues to grapple with competition authorities over its takeover of Lonmin.