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JSE All Share eyes 41 000 points

Feb 08 2013 13:27 I-Net Bridge


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Johannesburg - The JSE pushed to a record high on Friday amid broad-based buying of stocks after the latest economic data from China added impetus to global risk appetite.

At 12:35‚ the JSE All Share [JSE:J203] index was up 0.53% to 40 909.80 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.57% to 36 476.02‚ another record.

“Barring any major unforeseen circumstances‚ selling equities at the moment will be at one’s peril as the world continues to heal itself from the 2008-09 economic downturn‚” said Nicholas Sorour‚ portfolio manager at Sasfin Securities.

The All Share is up just over 4% in the year to date after a 22% rally last year.

Chinese trade data came as a “pleasant surprise”‚ RMB analysts said in a note‚ with both imports and exports rising more than expected. “Overall‚ expectations seem to have settled on the view that the global economy is performing better but that a blossoming of the green shoots is unlikely.”

Leading European shares were similarly looking positive‚ with London’s FTSE 100 gaining 0.36% at about noon SA time.

Among individual shares on the JSE‚ Anglo American (AGL) lifted 1.19% to R276.37‚ Anglo American Platinum (AMS) rallied 2.77% to R483 and Gold Fields (GFI) garnered 1.78% to R106.50.

British American Tobacco (BTI)‚ the stock with the biggest market cap on the local bourse‚ gained 1.05% to R458.89‚ and Vodacom recovered 1.16% to R118.36.

Nedbank (NED) was up 1.06% to R193.71 and Old Mutual (OML) lifted 1.22% to R26.56

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