• Dangerous games

    Employers' body Neasa is playing a potentially dangerous game, says Terry Bell.

  • Rational thinking

    All players should first consider the net result of their actions, says Leopold Scholtz.

  • Telkom's property poser

    BEE may be hindering Telkom's plans to offload redundant real estate, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Industrials pull JSE higher

Nov 21 2012 19:05 I-Net Bridge

Related Articles

JSE holds up in subdued trade

JSE flat on US fiscal cliff‚ Greece

JSE ends up‚ unlike global markets

Miners‚ industrials keep JSE up

Platinums jump 5% in JSE rally

Platinum stocks lead JSE recovery

 
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
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Go solar and save

Households may have to examine alternative forms of energy after Eskom has been given permission to raise electricity prices above the 8% previously granted.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...