Johannesburg – Resources and banks helped push the JSE above the 39 000 point mark for the first time on record‚ as the SA share market continued its strong run amid positive global market sentiment.
At 12:37‚ the All Share [JSE:J203] index was up 0.62% to 39 120.33 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.66% to 34 692.68. Resources and banks gained 1.12% and 1% respectively.
For the month‚ the All Share index is up nearly 3%‚ led by platinum counters‚ up more than 10% while banks have gained 8%.
“It is global risk-on trade. The market continues to push hard even at this late stage of the year‚” said Devin Shutte‚ a trader at Stockbrokerage‚ Newstrading.
According to the BofA Merrill Lynch Fund Manager Survey for December‚ confidence in a recovering global economy is extending into 2013 as investor fears surrounding the US fiscal cliff eased.
A net 40% of investors believe the global economy will strengthen in the year ahead‚ a rise of 6% points month on month and double the reading two months ago.
The number of investors viewing the US fiscal cliff as the biggest tail risk has fallen to 47%‚ down from 54% in November.
Major European stock market benchmarks were firmer at noon‚ with UK’s FTSE 100 up 0.60%.
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