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JSE All-share hits all-time high

Johannesburg - The JSE reached a new record level during trade on Wednesday, lifted by resources following the release of Chinese manufacturing data which, an analyst said, restored confidence in commodity trade.

The Chinese data for April surpassed forecasts and sent the Dow Jones Industrial Average to its best close in more than four years on Tuesday.

The strong Chinese manufacturing data and the HSBC China Manufacturing Purchasing Managers' Index propelled the gains, with media reports saying the latest figures indicate that growth in Asia's biggest economy is picking up after a lull over the past few months.

At 11:36 local time, the JSE All Share [JSE:J203] index was up 0.57% to 34 594.88 points, after reaching an earlier high of 34 647.73, with resources gaining 1.78%, while platinum shares were down 0.14% but gold counters were up 0.51%.

Financials were flat (0.03%), banking stocks were down 0.11% and industrials remained flat.

The rand was a touch weaker at R7.7317 to the US dollar from its previous close of R7.7283 on Monday.

Gold was quoted at $1 653.57 a troy ounce from $1 660.21/oz at the JSE's previous close, and platinum was at $1 567/oz, from $1 569.50/oz at the previous session.

"We got some good data coming out of China, which has been pushing the JSE. The manufacturing figures from China are good for commodity trade and this has prompted the interest in resources," a local trader at PSG Konsult said.

European stocks maintained moderate gains after the eurozone's manufacturing sector shrank at the sharpest pace in almost three years in April, while its unemployment rate rose to match a record high in March as 169 000 people lost their jobs, Dow Jones Newswires reported.

The grim data indicate that the currency area's economy is likely to continue to contract in the second quarter.

Manufacturing activity in the US and Asia expanded in April, confirming the eurozone as the weakest region in the global economy as the fiscal crisis and austerity programmes take their toll.
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Rand - Dollar
18.90
+0.2%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.36
+0.3%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent-ruolie
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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