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Johannesburg - A better mood on the overseas market gave the JSE another boost on Wednesday morning, and the All-share index is again within striking distance of its previous highs.
US markets traded higher on Monday following two weak sessions with investors focusing on data that indicated consumer confidence hit a six-year high in March. The Dow Jones index added 0.56%, to close at 16 368 points while the S&P 500 was in the green by 8 points after advancing 0.4%.
By midday the All-share index on the JSE was again well above 46 000 and traded 0.57% higher at 47 655, while the Top 40 index improved by 0.60% to 42 978.
It was mainly banking shares and resources that pushed the local market higher.
The Conference Board’s index of US consumer confidence climbed to a six-year high of 82.3 in March from 78.3 in February‚ better than an expected reading of 78.5. The latest data on the housing market was also positive, indicating that house prices improved 7.4% over the last 12 months which was also better than expected.
Meanwhile, local market participants are awaiting Thursday’s monetary policy committee decision on interest rates‚ which should provide further market direction.
Rand Merchant Bank indicated in a morning note that the markets are also hoping for news on further stimulus for the European and Chinese economies.
There is no news on further stimulus for China, but the latest data on the world’s second biggest economy was so poor that commentators expect the Chinese authorities to act.
"Further European Central Bank (ECB) stimulus seems a real possibility following comments from the president of the Bundesbank that both negative interest rates and quantitative easing was a possibility‚” RMB said.
Among the resources stocks platinum shares edged higher on Wednesday morning, despite a joint statement by the CEOs of Anglo American Platinum, Impala and Lonmin that various marginal shafts of the three mining groups could be closed permanently if the strike at the Rustenburg mines continues much longer.
It seems that investors are discounting the influence such a loss in production would have on the platinum price, which improved by 0.51% to $1 420.30 per fine ounce on Wednesday morning.
Impala was up 1.18% at R120.40 and Anglo American Platinum rose 2.41% to R484.35. Among the other resources stocks Anglo American gained another 1.34% to R268.15, and BHP Billiton added 0.42% to R328.80.
Capitec rose 2.52% to R191.33 after reporting headline earnings per share increased 15% to R17.52 in the full year to end February 2014. A final dividend of R4.60 per share was declared.
- Fin24
US markets traded higher on Monday following two weak sessions with investors focusing on data that indicated consumer confidence hit a six-year high in March. The Dow Jones index added 0.56%, to close at 16 368 points while the S&P 500 was in the green by 8 points after advancing 0.4%.
By midday the All-share index on the JSE was again well above 46 000 and traded 0.57% higher at 47 655, while the Top 40 index improved by 0.60% to 42 978.
It was mainly banking shares and resources that pushed the local market higher.
The Conference Board’s index of US consumer confidence climbed to a six-year high of 82.3 in March from 78.3 in February‚ better than an expected reading of 78.5. The latest data on the housing market was also positive, indicating that house prices improved 7.4% over the last 12 months which was also better than expected.
Meanwhile, local market participants are awaiting Thursday’s monetary policy committee decision on interest rates‚ which should provide further market direction.
Rand Merchant Bank indicated in a morning note that the markets are also hoping for news on further stimulus for the European and Chinese economies.
There is no news on further stimulus for China, but the latest data on the world’s second biggest economy was so poor that commentators expect the Chinese authorities to act.
"Further European Central Bank (ECB) stimulus seems a real possibility following comments from the president of the Bundesbank that both negative interest rates and quantitative easing was a possibility‚” RMB said.
Among the resources stocks platinum shares edged higher on Wednesday morning, despite a joint statement by the CEOs of Anglo American Platinum, Impala and Lonmin that various marginal shafts of the three mining groups could be closed permanently if the strike at the Rustenburg mines continues much longer.
It seems that investors are discounting the influence such a loss in production would have on the platinum price, which improved by 0.51% to $1 420.30 per fine ounce on Wednesday morning.
Impala was up 1.18% at R120.40 and Anglo American Platinum rose 2.41% to R484.35. Among the other resources stocks Anglo American gained another 1.34% to R268.15, and BHP Billiton added 0.42% to R328.80.
Capitec rose 2.52% to R191.33 after reporting headline earnings per share increased 15% to R17.52 in the full year to end February 2014. A final dividend of R4.60 per share was declared.
- Fin24
