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Resources push JSE to record high

Feb 08 2013 19:07 I-Net Bridge

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Johannesburg - The JSE closed at an all-time high on Friday with all the main indices‚ with the exception of banks‚ in the black‚ amid a relatively broad-based rally.

At 17:00 the All Share [JSE:J203] index closed 0.49% higher at 40 892.65 points‚ with resources adding 1.05% and the gold index advancing 0.62%. Banks gave up 0.46%.

“It is nice to see a broad-based rally after patchy runs in the recent past. Resources are trading stronger in the absence of negative global economic news and the outlook for commodities and resources continues to improve and are attracting investors‚” said Devin Shutte‚ market analyst at stockbrokerage Newstrading.

“Chinese exports were higher and its trade balance improved and the US trade balance improved‚ pushing global markets higher‚” he said.

Meanwhile US stocks opened in positive territory on Friday‚ as investors responded to a surge in Chinese exports and a broad-based rebound in European markets‚ Dow Jones Newswires reported.

At 17:07 local time the Dow Jones Industrial Average was 0.44% stronger‚ while in Europe London’s FTSE 100 was trading 0.72% stronger at the same time.

Global markets were mostly higher after data showing China's trade surplus in January narrowed to $29.2 billion from December's $31.6 billion‚ but exports surged 25% and imports climbed 29%‚ both well ahead of the previous month's increases.

Among individual shares on the JSE‚ Anglo American (AGL) gained 2.15% to close at R279 and Sasol (SOL) added 2.08% to R397.41.

Anglo American Platinum (AMS) rallied 2.55% to R482 and Gold Fields (GFI) lifted 1.11% to R105.80. Lonmin (LON) gave up 2.67% to R51.78.

Shares in African Bank Investments Limited (ABL) dropped as much as 6% early on Friday following a statement that the National Credit Regulator (NCR) had recommended that the unsecured lender be fined R300m for alleged fraudulent activities.

The bank is contesting the fine and is expected to have a legal showdown with the regulators over the matter. The counter regained most of those losses to closed 0.33% softer at R30.50.
 

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