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Industrials pull JSE higher

Nov 21 2012 19:05 I-Net Bridge

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Johannesburg — The JSE maintained its upward momentum on Wednesday to close higher‚ more or less in line with world markets‚ after they digested the news of the failure by Greek creditors to agree on releasing the next tranche of bailout funds. Markets quickly shrugged off this news to trade firmer on the hope that an agreement will be reached on Monday when they meet again.

At 17:00‚ the All Share [JSE:J203] index was up 0.51% at 37 498.02 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.53% to 33 274.88 points. Industrials were the main gainers‚ adding 0.74%‚ while platinums gave up 1.05%‚ after a fair run over the last two days.

“It was a rand dominated market with industrials higher because of defensive stocks like British American Tobacco and SABMiller trading stronger on a weaker currency - the rand almost broke through the R9 to the greenback level‚ but firmed again late‚” said Mark Wilkes‚ trader at Global Trader in Cape Town.

“Platinums were a bit on the back foot with Lonmin fairly volatile because of its rights issue‚” he added.

News that the Eurogroup and IMF had failed to come to an agreement on Greece’s debt reduction profile initially prompted a marking lower of risk assets‚ but this reaction quickly unwound‚ Barclays Bank said in its global note.

Discussions on the issue will resume on Monday November 26.

“Counter-intuitively Greek bonds rallied somewhat on the news‚ likely due to a perception that a debt buyback programme is now more likely in order to crystallise a reduction in the debt stock. Sentiment will be tested further in the coming days‚ with the eurozone ‘flash’ PMIs (Thursday) and the German IFO (Friday) likely pointing to sluggish economic activity in November‚” the bank said.

European bourses erased earlier losses trading higher‚ but London’s FTSE 100 was flat (0.05%)‚ while France’s CAC 40 index had added 0.41% by 16:48 local time.

Meanwhile US stocks opened a touch higher in quiet trading ahead of the Thanksgiving weekend break‚ Dow Jones Newswires reported. At 17:10 the Dow Jones Industrial Average had gained 0.19% to 12 813.33 points.

Trading volume was expected to be light on the last full day of trading this week. On Thursday‚ the market rests for Thanksgiving‚ before opening again for a half-day on Friday.

In US economic data‚ weekly jobless claims matched expectations for 410 000 new claims‚ while the previous week's reading was revised up to 451 000.
jse  |  markets  |  stocks
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