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MARKET WRAP: Rise in commodity prices gives miners a boost

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Retailers did surprisingly well, despite retails sales for September roundly missing the mark

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.

 

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