Fin24

JSE ends 5-day losing streak

2012-05-10 17:58

Johannesburg - The JSE ended firmer on Thursday, snapping a five-day losing streak, as investors picked up beaten down shares following the recent selloff on euro area jitters.

The general mining counters led the rebound, which was boosted in part by improved global sentiment following the better than expected US jobless claims data.

"We weren't going to see the selloff continue into the lower basement. It's a recovery from the oversold basis," said Ian Cruickshanks, market watcher at Nedbank Capital.

At 17:00 local time, the JSE All Share [JSE:J203] index was up 1.30% to 33 869.71 points, with gold miners recovering 3.41%, platinum miners lifting 2.46% and resources garnering 2.23%.

Financials rose 1.48%, banking stocks regained 1.65% and industrials lifted 0.60%.

The rand was trading at 8.00 to the US dollar, from 8.02 at JSE's close on Wednesday. Gold was quoted at $1 596.21 a troy ounce from $1 587.37/oz at the JSE's previous close, while platinum was at $1 492.20/oz, from $1 489.70/oz at the previous session.

US stocks advanced on Thursday after a slightly better-than-expected reading from the jobs market and as investors watched Greece's third attempt to piece together a government, according to Dow Jones Newswires.

In economic news, initial jobless claims fell slightly more than expected, while a reading on the previous week was revised slightly higher.

European markets turned higher as investors expressed some optimism that Greece would resolve its political situation and after Spain moved to ease worries about its banking system.