S. African stocks end higher on Trump-Kim meeting

SA stocks
SA stocks

The Johannesburg Stock Exchange (JSE) closed slightly up on Tuesday as markets reacted positively to the historic meeting between U.S. President Donald Trump and North Korean leader Kim Jong-un in Singapore.

Market analysts applauded the Korean leader’s commitment to the “complete denuclearization” of the country’s nuclear arms arsenal.

The South Africa’s rand was largely unchanged at about R13.24 to the dollar after weakening to R13.28 last week.

Gold prices remained locked just below 1.3 U.S. dollars an ounce on Tuesday as investors waited for U.S. interest-rate hikes from a U.S. Federal Reserve meeting this week. Investors expect the Fed to increase rates on Wednesday.

The all share was 0.11 percent higher at 58,207.82 points and the top 40 added 0.14 percent. Food and drug retailers added 0.96 percent, industrials rose 0.49 percent, the platinum index dropped 0.1 percent, banks 0.19 percent and financials 0.41 percent.

Sasol rose 0.82 percent to R492. Brent crude rose 0.74 percent to 76.962 U.S. dollars a barrel.

British American Tobacco eased 0.41 percent to R653.73. According to the group’s statement, it “remains on track for another good year of adjusted constant currency earnings growth.”

Standard Bank added 0.25 percent to R203.7, but FirstRand dropped 0.97 percent to R60.39.

Growthpoint was 0.74 percent off at R26.73. Fortress B lost 3 percent to R15.5.

Naspers climbed 0.42 percent to R3,351.67. Enditem

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