Firmer JSE as Standard Bank and MTN rocket, amid calmer global markets
Steinhoff was a loser for the third consecutive day following its first-quarter trading update, released earlier in the week
The JSE closed firmer on Thursday with banking and platinum stocks the main drivers, amid flat European markets and a slew of local company results. The most important were from Standard Bank and MTN, with both share prices recording strong gains despite subdued results. Steinhoff was a loser for the third consecutive day following its first-quarter trading update, released earlier in the week. Standard Bank reported earnings up a pedestrian 4% for the year to end-December while MTN recorded its first annual loss in 20 years. However, investors had been forewarned about the results from both companies, with the market taking an optimistic view on future prospects. Standard Bank benefited from a higher dividend announcement. Global markets were more subdued on Thursday following the Dow’s surge to a record 21,115.55 on Wednesday, as they took stock of the strong possibility of a US rate increase later in March. This is likely to happen amid more positive global sentiment. "Global dat...
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