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JSE ends up‚ but off intraday high

Dec 06 2012 19:29 I-Net Bridge

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Johannesburg — The JSE all share index and the top 40 index pared some gains after hitting intraday all-time highs on Thursday‚ due to stability around the US fiscal cliff issue. Risk-on trade saw money flowing through to emerging markets with investors looking for attractive yields.

Platinums led the gains on the JSE after being under pressure for the last few months due to strikes‚ while gold counters weighed as a result of a weaker gold price and stronger rand.

At 17:00‚ the All Share [JSE:J203] index closed up 0.26% to 38 287.54 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.24% to 34 008.67 points.

Platinum stocks rallied 2.43%‚ while gold counters shed 2.12%.

“The stronger rand and weaker gold price put gold miners under a bit of pressure‚ while platinums gained after being weak for the last few months because of the labour problems. Resources were flat‚ with the sector seemingly not too worried about mining taxes issues‚” a local trader said.

European markets were firmer in late trade‚ with London’s FTSE 100 seen 0.30% higher at 16:52 local time‚ after the Bank of England decided to stand pat on rates‚ keeping the central bank's key interest rate at 0.5% and the size of its bond-buying stimulus programme at £375bn.

The European Central Bank left its official interest rates unchanged for the fifth month in a row‚ in line with financial markets' expectations.

The Dow Jones Industrial index was last seen 0.11% firmer at 13 048.62 points. Data from the labour market came in slightly better than expected with jobless claims falling by 25 000 to 370 000. But the numbers were overshadowed by Friday's closely watched US employment report from the Bureau of Labour Statistics‚ Dow Jones Newswires reported.
equities  |  jse  |  markets  |  stocks
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