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JSE ends at high on Chinese news

Dec 05 2012 19:00
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Johannesburg — The JSE all-share index closed at an all-time high on Wednesday buoyed by positive global sentiment‚ after Chinese markets gained significantly on positive comments by China’s new leader‚ Xi Jinping. This led to speculation about monetary stimulus in the world’s second largest economy‚ which put risk back on the table.

At 17:00‚ the JSE All Share [JSE:J203] index closed 0.52% higher at 38 189.82 points‚ with the Top 40 - (Tradeable) [JSE:J200] gaining 0.61% to 33 927.03.

Platinums led the gains‚ rising 3.30%‚ followed by banks and resources adding 1.78% and 1.53% respectively.

China's Shanghai Composite surged 2.9%‚ the Hong Kong Hang Seng Index closed 2.16% higher and Japan's Nikkei Stock Average gained 0.4% to close at its highest level in over seven months.

European markets were also trading in positive territory with the UK’s FTSE 100 rising 0.26% by 17:00 local time.

US stocks edged higher after the opening bell‚ as speculation about stimulus in China offset weaker-than-expected domestic labour data‚ Dow Jones Newswires reported. At 16:47 local time the Dow Jones Industrial Average had added 0.36% to 12 998.82 points.

“The JSE traded strongly on Wednesday‚ with retailers on the front foot boosted by the stronger rand and positive global sentiment‚” said Guy Algeo‚ director at Imara SP Reid.

“The gold price fell back due to relief on progress made in the US with regards to the looming fiscal cliff and this‚ together with the stronger rand‚ led gold stocks lower‚” he added.
equities  |  jse  |  markets  |  stocks


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