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Banks and financials buoy JSE

Johannesburg - The JSE was in positive territory in early Tuesday trade‚ with the market open for the first time since last Thursday‚ after the Easter long weekend.

The JSE All Share [JSE:J203] index was 0.54% firmer at 40‚078.88 points‚ with the blue-chip Top 40 [JSE:J200] index adding 0.51%.

The banking and financial gauges were 1% and 1.01% firmer respectively‚ while resources dipped 0.25% and gold miners were flat (-0.01%).

“The market will focus on the release of the Kagiso PMI for March and Naamsa vehicle sales numbers today‚ while the BER business confidence index will capture attention on Wednesday. We expect these data releases to support our view of softening domestic demand and a gradual rebalancing of the economy‚” Rand Merchant Bank said in a morning note.

Global markets have been uninspired by this morning’s Chinese PMI figure‚ which came in at an 11-month high but below expectations and at a level consistent with moderate growth by Chinese standards‚ RMB said.

“Eurozone troubles continue with no major new developments. Tensions over the Korean peninsula are being watched but have not affected sentiment: we have all seen this movie too many times before‚” the bank said.

“The international calendar is extremely busy this week. Today and tomorrow will be mostly focused on US and European data. Things will hot up on Thursday as the Bank of Japan‚ Bank of England and European Central Bank announce their policy decisions‚ with the main focus on the Japanese as the new governor gets to push a fresh stimulus programme. We end the week with the all-important US non-farm payrolls figures.”

On the local front the week ahead is relatively light on the data front.

Meanwhile Asian stocks were mostly higher on Tuesday though the Japanese market fell amid a stronger yen. Japan’s Nikkei Stock Average closed 2.69% lower. The yen strengthened against the US dollar in the lead up to the Bank of Japan's much-anticipated policy meeting later this week as investors speculated about whether or not the central bank will be able to meet the market's easing expectations‚ Dow Jones Newswires reported.

Chinese markets edged higher with many investors staying on the sidelines ahead of key first quarter economic data out of the mainland next week‚ and with the current trading week cut short by holidays. The Hang Seng Index was last seen trading 0.23% firmer.

On the JSE‚ ArcelorMittal (ACL) added 1.72% to R28.93‚ SABMiller (SAB) was up 1.54% to R492.99 and Barloworld (BAW) gained 2.66% to R98.39.

Banking counter FirstRand (FSR) added 1.24% to R32.60 and Rand Merchant Bank Holdings (RMH) gained 2.26% to R42.54. Financial services player Old Mutual Plc (OML) lifted 1.49% to R28.68 and Discovery (DSY) gained 1.42% to R79.35.

In the retail sector Shoprite (SHP) gained 1.36% to R185.28 and Woolies (WHL) was up 1.39% to R71.58.
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Rand - Dollar
19.00
-0.3%
Rand - Pound
24.14
-0.1%
Rand - Euro
20.65
-0.3%
Rand - Aus dollar
12.38
+0.3%
Rand - Yen
0.13
+0.5%
Platinum
905.16
-2.0%
Palladium
1,006.63
+0.1%
Gold
2,156.10
-0.2%
Silver
24.94
-0.4%
Brent-ruolie
86.89
+1.8%
Top 40
66,018
-0.4%
All Share
72,214
-0.3%
Resource 10
53,202
-0.2%
Industrial 25
100,016
-0.5%
Financial 15
16,587
-0.2%
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