JSE higher as UK and EU inch towards Brexit resolution

26 November 2018 - 11:45 By Karl Gernetzky
Pro-Brexit protesters demonstrate on Whitehall in London, UK, on September 5 2018. (File photo)
Pro-Brexit protesters demonstrate on Whitehall in London, UK, on September 5 2018. (File photo)
Image: Peter Nicholls/Reuters

The JSE pushed higher on Monday morning, led by banks and Naspers, but ahead of possible volatility later in the week.

Markets are returning from slightly subdued conditions at the end of last week, when US markets were closed for the Thanksgiving Day holiday.

Contention over Brexit could be on the cards this week, after UK and EU officials penned a draft deal that must now find acceptance from British legislators.

The Group of 20 (G20) summit in Argentina, however, poses the most risks, with US president Donald Trump and Chinese premier Xi Jinping expected to meet to try to resolve trade differences.

The rand was firmer on Monday morning, helping to provide support for banks and retailers.

At 9:30am the all-share was up 0.56% to 50,982.9 points and the top-40 up 0.75%. Banks were up 1.04% and financials 0.79%. Gold miners were 0.47% lower.

At the same time, Brent oil was 1.64% higher at $60.11 a barrel. Markets are eyeing a meeting of oil cartel Opec next week, but motorists are still expected to benefit from a hefty petrol price cut in December.

Platinum was up 0.76% to $847.93/oz and gold 033% to $1,226.93.

Sasol had risen 1.43% to R410.12.

Diversified miner Anglo American had fallen 1.38% to R279.

Rand hedge British American Tobacco had given up 1.1% to R483.35 while Richemont had gained 1.02% to R91.38.

Pepkor had fallen 1.9% to R18.05, despite earlier reporting a maiden dividend of 27.8c a share for the year to end September. Revenue grew 10.9% to R54.2bn.

Naspers was up 1.18% to R2,749.35.


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