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Johannesburg - The JSE resumed its upward momentum on Thursday morning after Wednesday’s profit taking. All the major indices were up, led by the gold index.
By midday the All-share index was 122,95 points or 1.26% higher at 47 638 and the Top 40-index 108,50 or 0.25% stronger at 43 061. Both indices are now close to new records.
Investors are still encouraged by good company results that support higher market valuations. On Thursday morning Standard Bank and Sanlam announced positive results.
Market participants are also waiting for the European Central Bank’s (ECB's) interest rate decision at 14:45 and the US payrolls report due on Friday‚ both of which are bound to provide further market direction.
Emerging market jitters have disappeared as the possibility of military conflict in Ukraine seems slim, despite continuing political rhetoric.
Rand Merchant Bank said in a morning note it is a close call whether the ECB will announce further stimulus on Thursday. The bank said: “Their February meeting certainly hinted at action but the strong data in recent weeks have made the market uncertain‚ with three out of four analysts surveyed saying the bank will remain on hold."
The US payroll report will also give a good indication of the real state of the American economy. Economic news has been disappointing lately, but this was blamed on severe weather conditions that disrupted economic activity,
On Wednesday, the Federal Reserve’s Beige Book regional survey of the US economy said severe winter weather dented activity in January and early February, but that the outlook in most areas "remained optimistic".
The resources sector traded 0.78% higher by midday. Anglo American rose 1.40% to R275.60 and diversified resource group Exxaro advanced 2.06% to R148.47 after announcing full-year headline earning per share (Heps) were up 4% to R14.63.
The gold sector was 1.82% higher. AngloGold Ashanti added 1.99% to R191.74 and Gold Fields improved by 2.07% to R38.55.
Insurer Sanlam traded 0.84% lower on R53.88, despite the announcement on Thursday that normalised Heps rose 35% to 395c in the full year to end-December 2013‚ with new business volumes rising 36% to R185bn.
Standard Bank announced an increase of 14% in earnings on the back of stronger lending activity and the share price was up 0.93% to R125.71.
- Fin24
By midday the All-share index was 122,95 points or 1.26% higher at 47 638 and the Top 40-index 108,50 or 0.25% stronger at 43 061. Both indices are now close to new records.
Investors are still encouraged by good company results that support higher market valuations. On Thursday morning Standard Bank and Sanlam announced positive results.
Market participants are also waiting for the European Central Bank’s (ECB's) interest rate decision at 14:45 and the US payrolls report due on Friday‚ both of which are bound to provide further market direction.
Emerging market jitters have disappeared as the possibility of military conflict in Ukraine seems slim, despite continuing political rhetoric.
Rand Merchant Bank said in a morning note it is a close call whether the ECB will announce further stimulus on Thursday. The bank said: “Their February meeting certainly hinted at action but the strong data in recent weeks have made the market uncertain‚ with three out of four analysts surveyed saying the bank will remain on hold."
The US payroll report will also give a good indication of the real state of the American economy. Economic news has been disappointing lately, but this was blamed on severe weather conditions that disrupted economic activity,
On Wednesday, the Federal Reserve’s Beige Book regional survey of the US economy said severe winter weather dented activity in January and early February, but that the outlook in most areas "remained optimistic".
The resources sector traded 0.78% higher by midday. Anglo American rose 1.40% to R275.60 and diversified resource group Exxaro advanced 2.06% to R148.47 after announcing full-year headline earning per share (Heps) were up 4% to R14.63.
The gold sector was 1.82% higher. AngloGold Ashanti added 1.99% to R191.74 and Gold Fields improved by 2.07% to R38.55.
Insurer Sanlam traded 0.84% lower on R53.88, despite the announcement on Thursday that normalised Heps rose 35% to 395c in the full year to end-December 2013‚ with new business volumes rising 36% to R185bn.
Standard Bank announced an increase of 14% in earnings on the back of stronger lending activity and the share price was up 0.93% to R125.71.
- Fin24
