Banks and industrial stocks keep JSE afloat as resources weaken

The JSE edged up on Wednesday, thanks to banks, financials and industrial, while Brexit-affected stocks took a breather with the pound after Tuesday’s rally spurred by British Prime Minister Theresa May’s speech.

The all share firmed 0.14% to 52,891.70 points at lunchtime as banks gained 1.21%, financials 0.37% and industrials 0.31%.
Trading was patchy for general financial stocks and retailers after a batch of trading updates in recent days.


Resource equities, which had a strong start to the year, dipped broadly in line with weaker commodity prices.
Politics has a played a big part in shaping market sentiment this week, overshadowing the US corporate earnings reporting for the fourth quarter.

Brexit-battered stocks enjoyed a relief rally on the JSE on Tuesday after May said she would put the terms of the final Brexit deal to a parliamentary vote.
"Investors remain focused on earnings out of the US, while those with a slightly longer-term view are trying to make an assessment of the likely policy direction from the new [US] administration," said Momentum SP Reid analysts.
Europe’s leading markets were mostly higher, as were US stock futures ahead of Donald Trump’s inauguration as US president on Friday.
Barclays Africa rose 2.15% to R169.99 and Standard Bank 1.12% to R151.68. MMI was up 1.23% at R25.44.

Anglo American fell 1.53% to R217.37 and BHP Billiton 1.08% to R238.69.
British American Tobacco was up 2.01% to R785.49.
Transport and logistics group Imperial was up 1.36% at R177.69. Steinhoff was off 1.04% to R71.15.
Mr Price remained under pressure, losing 1.13% to R154.24. It reported on Tuesday that retail sales for the 13 weeks to December 2016 was 0.5% lower.

BDlive