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Johannesburg - Mining and industrial stocks attracted relatively strong investor demand on Monday‚ which helped nudge the broader market to a 1-month high.
At 12:38‚ the JSE All Share [JSE:J203] index was up 0.72% to 39 875.77 points‚ with the Top 40 - (Tradeable) [JSE:J200] blue-chip index gaining 0.79%. The industrial and resource indices rallied 0.71% and 0.91% respectively.
The gold index added to miners’ gains‚ up 0.68%
“The global backdrop is supportive of the risk-on trade. The continuation of the accommodative stance by major central banks looks set to continue for longer after the interest rate cuts by the European Central Bank and Reserve Bank of India last week‚ while Australia is expected to do the same this week‚” said Chris Gilmour‚ analyst at Absa Investments.
US stock futures signalled a positive start on Wall Street later in the day after the Dow Jones Industrial average hit another record high on Friday‚ propelled by a better than expected jobs report for April.
In Europe‚ London’s financial markets were closed on Monday for a bank holiday.
Among individual shares on the JSE‚ BHP Billiton (BIL) gained 1.29% to R260.03 and Sasol (SOL) added 1.31% to R399.83.
AngloGold Ashanti (ANG) was up 1.06% to R171.38 and Sibanye Gold (SGL) added 1.99% to R8.21.
Among industrial stocks‚ British American Tobacco (BTI) garnered 1.40% to R512.05 and Barloworld (BAW) leapt 3.73% to R99.06.
Abil (ABL) lost 4.02% to R22.94.
