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Johannesburg - The major indices on the JSE are approaching record levels again as investors shrugged off global woes and negative local economic news.
The rand, which traded close to R11.00/$ on Monday, also recouped some of its losses after reports that Russia ordered troops in military exercises in central and western Russia to return to base, raising hopes that a peaceful solution in the Ukraine might be reached.
The all share index was 362.74 points stronger at 47 501 and the Top 40-index strengthened 403.02 points to 42 981. Both indices are now close to the records established on February 21.
The rand traded at R10.82/$ after weakening to R10.90/$ on Monday. Analysts said the local currency can return to its recent strength if the crisis in the Ukraine can be resolved.
It seems that the market’s upward momentum is hard to stop, despite warnings that the current levels do not allow much room for further improvements.
The markets in New York closed lower last night on the Ukraine crisis, but by this morning confidence also returned to the Asian markets, with both Hong Kong and Tokyo higher on a glimmer of hope that the crisis in the Ukraine can be resolved.
On the economic front, disappointing local vehicle sales in February and a subdued Kagiso purchasing managers index (PMI), both indicate possible lower economic growth for the year.
Investors however seemed to ignore most of the outside influences and concentrated on company results which were in some cases better than expected, indicating that some valuations are supported by results.
Monday’s sell-off also opened the door for some bargain-hunting, particularly in the resources sector which improved 0.41%. Anglo American [JSE:ANG] regained some lost ground and traded 0.59% higher at R269.08.
Global mining group Glencore Xstrata [JSE:GLN] rose 2.93% to R60.51 after announcing full-year diluted headline earnings per share (HEPS) of $0.23 from $0.30.
In the platinum sector Royal Bafokeng Platinum [JSE:RBP] was down 2.97% to R62.49‚ despite reporting that full-year HEPS were up 66%. The company announced a rights issue of R1.5bn.
SABMiller [JSE:SAB] was up 0.51% at R526.51 amid reports that Anheuser-Busch again intended a possible takeover of SABMiller. Previous rumours proved unfounded and were rebuffed by SABMiller management.
Banking group FirstRand [JSE:FSR] was up 0.46% to R34.65 after reporting interim earnings grew 20% to R8.7bn. Earlier Barclays Africa [JSE:BGA] and Nedbank [JSE:NED] also announced pleasing results and Standard Bank will release its results later this week.
The gold sector softened 3% this morning on a weaker gold price and AngloGold Ashanti [JSE:ANG] led decliners in the sector‚ losing 3.36% to R191.71.
The rand, which traded close to R11.00/$ on Monday, also recouped some of its losses after reports that Russia ordered troops in military exercises in central and western Russia to return to base, raising hopes that a peaceful solution in the Ukraine might be reached.
The all share index was 362.74 points stronger at 47 501 and the Top 40-index strengthened 403.02 points to 42 981. Both indices are now close to the records established on February 21.
The rand traded at R10.82/$ after weakening to R10.90/$ on Monday. Analysts said the local currency can return to its recent strength if the crisis in the Ukraine can be resolved.
It seems that the market’s upward momentum is hard to stop, despite warnings that the current levels do not allow much room for further improvements.
The markets in New York closed lower last night on the Ukraine crisis, but by this morning confidence also returned to the Asian markets, with both Hong Kong and Tokyo higher on a glimmer of hope that the crisis in the Ukraine can be resolved.
On the economic front, disappointing local vehicle sales in February and a subdued Kagiso purchasing managers index (PMI), both indicate possible lower economic growth for the year.
Investors however seemed to ignore most of the outside influences and concentrated on company results which were in some cases better than expected, indicating that some valuations are supported by results.
Monday’s sell-off also opened the door for some bargain-hunting, particularly in the resources sector which improved 0.41%. Anglo American [JSE:ANG] regained some lost ground and traded 0.59% higher at R269.08.
Global mining group Glencore Xstrata [JSE:GLN] rose 2.93% to R60.51 after announcing full-year diluted headline earnings per share (HEPS) of $0.23 from $0.30.
In the platinum sector Royal Bafokeng Platinum [JSE:RBP] was down 2.97% to R62.49‚ despite reporting that full-year HEPS were up 66%. The company announced a rights issue of R1.5bn.
SABMiller [JSE:SAB] was up 0.51% at R526.51 amid reports that Anheuser-Busch again intended a possible takeover of SABMiller. Previous rumours proved unfounded and were rebuffed by SABMiller management.
Banking group FirstRand [JSE:FSR] was up 0.46% to R34.65 after reporting interim earnings grew 20% to R8.7bn. Earlier Barclays Africa [JSE:BGA] and Nedbank [JSE:NED] also announced pleasing results and Standard Bank will release its results later this week.
The gold sector softened 3% this morning on a weaker gold price and AngloGold Ashanti [JSE:ANG] led decliners in the sector‚ losing 3.36% to R191.71.
