South African markets closed in the green on Friday, buoyed by gains in precious metal mining stocks.
Anchor Capital said on Monday that Gold miners, Harmony Gold Mining, AngloGold Ashanti, Sibanye Stillwater and Gold Fields jumped 10.4%, 9.7%, 8.9% and 7.4%, respectively.
Platinum miners, Impala Platinum, Northam Platinum and Anglo American Platinum advanced 9.7%, 5.5% and 5.0%, respectively.
Diversified miners, African Rainbow Minerals, Pan African Resources and Anglo American gained 9.7%, 8.6% and 4.0%, respectively.
On the flipside, telecommunications companies, Telkom SA SOC, Vodacom Group, MTN Group and Blue Label Telecoms dropped 6.7%, 3.7%, 2.7% and 2.1%, respectively.
Retailers, Cashbuild, Foschini Group, Mr Price Group and SPAR Group declined 5.4%, 3.8%, 3.1% and 2.1%, respectively.
The JSE All Share index marginally advanced to close at 75,311.76.
Meanwhile, Bianca Botes, Director at Citadel Global, said that market sentiment started the week on the back foot following the retaliatory attack by Iran on Israel over the weekend.
“Fears are increasing that there will be a rapid escalation in conflict in the region. While Beijing has brought some relief to markets as the Chinese government has vowed further support for its capital markets, the higher-rates-for-longer narrative continues in the US,” Botes said.
“It’s a light day on the data calendar today with EU industrial production due for release, followed by US retail sales.”
The markets are cautious, and the rand starts the week trading at R18.83/$, R20.07/€ and R23.48/£.
BUSINESS REPORT