JSE ends 5-day losing streak
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
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.