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Commodities push JSE even higher

Feb 02 2012 10:13 I-Net Bridge

Company Data

All Share [JSE : J203]

Last traded R33,104.06
Change R111.81
% Change 0.34%
Cumulative volume 0
Market cap R0.00

Last Updated: 28/05/2012 at 17:43. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - The JSE opened at another record high on Thursday morning as commodities drove world markets up.

A local trader remarked about another good start for the market. "The rand remains remarkably strong, commodity prices are moving up, which is unusual with a strong rand."

She said that Asian markets had also been performing. The positive manufacturing data from the UK, Germany and China had added momentum to the market on Wednesday.

At 09:16 local time, the JSE All Share [JSE:J203] index had strengthened 0.29%. Resources were up 0.63%, platinums lifted 0.20% while gold shares dipped 0.15%.

Industrials secured 0.15%, however financials and banks were flat (0.04% and 0.06% respectively).

The rand was unchanged at R7.68 from the JSE's close on Wednesday. Gold was quoted at $1 748.37 a troy ounce from $1 745.03/oz at the JSE's previous close, while platinum was at $1 623.50/oz, from $1 611/oz before.

Dow Jones Newswires reported that Asian stock markets were higher on Thursday as improved global economic data buoyed sentiment; resources plays advanced in Sydney following a rise in copper prices; and the Australian dollar jumped sharply after the nation posted a bigger-than-expected trade surplus.

Investors were encouraged by improved manufacturing data from the likes of the US, EU and China, suggesting resilience in the global factory sector that helped paint a brighter economic outlook.

Germany's Chancellor Angela Merkel arrived in China on Thursday for a three-day visit that would focus on the eurozone sovereign debt crisis, Iran, and Syria.

She would also discuss a possible increase in Chinese involvement in the International Monetary Fund, access to Chinese markets, and intellectual property rights, people familiar with the matter said.

Merkel would also urge China not to take advantage of the EU's ban on Iranian oil - imposed because of Iran's nuclear programme - to boost its own oil imports.

European stock markets were likely to start mixed on Thursday, pending more developments on Greece's sovereign debt talks, while bunds and gilts might open little changed. The euro and spot gold were higher, while oil futures were mixed.

 

 
 
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