MARKET WRAP: Rise in commodity prices gives miners a boost

Miners had a good day on the JSE on Wednesday as commodity prices rose in a fairly risk-averse global environment. The gains in the sector were, however, not enough to pull the overall market higher.Retailers did surprisingly well on the JSE, despite retail sales for September roundly missing the mark. Statistics SA earlier reported a year-on-year gain of 0.2%, while the markets had expected 1.9%. This followed growth of 1.1% in August, while third-quarter retail sales also rose 1.1%.

“While not wholly unexpected, still ... the market was hoping for a glimmer of concession,” said AxiTrader senior Asian markets analyst Stephen Innes in a note. At this point, markets will probably have to wait until a deal is signed, or not, for clarity on the rollback of tariffs between the two countries.

Harmony led gains in the gold sector, shooting up 8.01% to R49.08, while Royal Bafokeng Platinum rose 6.71% to R43.74. Sibanye-Stillwater added 5.46% to R28. Pick n Pay gained 1.6% to R69.80 and Clicks 1.02% to R256.48, while Massmart fell 2.01% to R43.78, bringing its 2019 losses to nearly 58%. Earlier, among Asian markets, Hong Kong’s Hang Seng relinquished 1.82%, with the ongoing political protests there souring the mood.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MARKET WRAP: JSE tracks firmer global markets as investors await Trump speechMarkets really do seem to be trading as if in limbo, according to one analyst
Source: BDliveSA - 🏆 12. / 63 Read more »

MARKET WRAP: JSE tracks weaker international marketsGlobal markets fall as Hong Kong protests turn more violent, while a US-China trade deal still looks some way off
Source: BDliveSA - 🏆 12. / 63 Read more »

Zimbabwe will have more cash to feed black market for currency - expert | IOL NewsZimbabweans finally got access to new low-denomination currency, but banks maintained an existing weekly withdrawal limit ...
Source: IOL - 🏆 46. / 51 Read more »

Zimbabweans queue as central bank releases $30mn into marketUntil now, the majority of Zimbabweans have been using debit cards or mobile phones to pay for goods but are sometimes forced to pay higher prices if they don't have cash.
Source: ewnupdates - 🏆 30. / 53 Read more »

Fake rhino horns developed to flood illegal marketScientists hope that by creating these 'rhino horns', incidents of poaching could decrease.
Source: eNCA - 🏆 49. / 51 Read more »

Rand firms a little as market awaits Donald Trump’s speechAll eyes are on the US president, who could spell out the future direction of the US-China trade war, in a speech later on Tuesday
Source: BDliveSA - 🏆 12. / 63 Read more »