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Stronger rand restrains JSE

Feb 03 2012 19:11 I-Net Bridge

Company Data

All Share [JSE : J203]

Last traded R33,104.06
Change R111.81
% Change 0.34%
Cumulative volume 0
Market cap R0.00

Last Updated: 28/05/2012 at 17:43. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - The JSE was slightly down on Friday off session lows but remained in the red on the back of the strong rand.

A local trader said that European markets had become firmer after key US jobs data was released. The local bourse also benefited from the data but was held back by the strength of the rand.

At 17:00, the JSE All Share [JSE:J203] index ended in flat territory (0.05%). An intraday record was set for industrials (36 185.40) and banks (45 408.08).

Gold stocks lessened 1.95%, platinums moved 1.29% lower and resources dipped 0.51%.

Financials generated 0.78%, banks added 0.69% and industrials collected 0.21%.

The rand was bid at 7.57 to the dollar from 7.65 at the JSE's close on Thursday. Gold was quoted at US$1,735.32 a troy ounce from US$1,750.48/oz at the JSE's previous close, while platinum was at US$1,617.54/oz, from US$1,625/oz before.

Dow Jones Newswires reported that US stocks moved higher after a closely watched government payrolls report showed the economy added more jobs than expected and the unemployment rate edged lower in January.

The Dow Jones Industrial Average had advanced 0.97% at the time of the JSE close.

The US Labor Department's January data showed nonfarm payrolls rose 243,000 last month, marking the biggest gain since last April. The jobless rate fell by two-tenths of a point to 8.3%, the lowest it is has been since February 2009. Both numbers beat expectations. Economists surveyed by Dow Jones Newswires expected a slowing to 125 000 jobs from December's 200 000. The unemployment rate was expected to hold steady at 8.5%.

European markets moved higher on the back of encouraging economic data. The eurozone composite purchasing manager's index confirmed private-sector activity expanded in January, with the index rising to 50.4 from 48.3 in December.

Separately, Goldman Sachs raised targets for the Stoxx Europe 600, citing reasons including stronger-than-expected macro data, a favourable reaction to the European Central Bank's refinancing operation and progress on sovereign debt discussions.

 
 
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