MARKET WRAP: JSE tracks most major global markets firmer

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Gold and platinum shares rise after labour court disallows sympathy strike in the sectors

The JSE gained on Friday as global equity markets rose following reports that progress was being made in the US-China trade talks.

Gains in the platinum and gold sectors could be attributed in part to the labour court’s decision earlier to disallow a sympathy strike in the sectors after the Association of Mineworkers and Construction Union applied for permission to stage a seven-day secondary strike across a range of gold- and platinum-mining companies.

Shortly after the JSE closed, the gold price had risen 0.52% to $1,302.93/oz and platinum 0.81% to $830.21. Brent crude had given up 0.86% to $66.58 a barrel. Rand hedges gained despite the stronger local currency, with AB InBev up 0.88% to R1,170.20, British American Tobacco 0.91% to R582.78, and Richemont 0.46% to R104.03.Naspers was flat at R3,1460. Its Hong-Kong listed associate Tencent is due to release results next week.

 

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