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Johannesburg - The JSE rallied on Thursday, gaining more than 350 points as the local bourse benefited from an improving global economic outlook, rising inflation and a lack of bad news from the Middle East and north Africa.
The JSE all-share index gained 1.18%, with resource stocks jumping 2.06%, platinum miners climbing 2.00% and gold counters rising 0.34%. Banks were flat (-0.09%), while financials were a slight 0.16% higher and industrials gained 0.74%.
The rand was bid at 6.90 to the dollar, from 6.88 at the JSE's close on Wednesday. Gold was quoted at US$1 421.92 a troy ounce from US$1 438.09/oz at the JSE's previous close, while platinum was at $1 839.50/oz from $1 853/oz before.
Kevin Algeo, portfolio manager at Imara SP Reid, said the main push propelling local equities higher was ticking-up inflation, which saw investors hedging themselves by buying commodities and equities, and further improvements in the global economic recovery.
The US released good economic data, including productivity and jobless claims.
Algeo also said a lack of bad news from the Middle East boosted sentiment.
Dow Jones Newswires reported that US stocks opened higher as a strong reading on employment and a drop in the price of oil heartened investors.
The Dow Jones Industrial Average rose 155 points, or 1.3%, to 12 222 in early trading.
The number of workers filing new unemployment claims unexpectedly dropped. Initial jobless claims fell by 20 000 to 368 000 in the week ended February 26, the US Labour Department said on Thursday in its weekly report. It was the lowest level since May 2008. The previous week's figures were revised down to 388 000 from an original estimate of 391 000.
The JSE all-share index gained 1.18%, with resource stocks jumping 2.06%, platinum miners climbing 2.00% and gold counters rising 0.34%. Banks were flat (-0.09%), while financials were a slight 0.16% higher and industrials gained 0.74%.
The rand was bid at 6.90 to the dollar, from 6.88 at the JSE's close on Wednesday. Gold was quoted at US$1 421.92 a troy ounce from US$1 438.09/oz at the JSE's previous close, while platinum was at $1 839.50/oz from $1 853/oz before.
Kevin Algeo, portfolio manager at Imara SP Reid, said the main push propelling local equities higher was ticking-up inflation, which saw investors hedging themselves by buying commodities and equities, and further improvements in the global economic recovery.
The US released good economic data, including productivity and jobless claims.
Algeo also said a lack of bad news from the Middle East boosted sentiment.
Dow Jones Newswires reported that US stocks opened higher as a strong reading on employment and a drop in the price of oil heartened investors.
The Dow Jones Industrial Average rose 155 points, or 1.3%, to 12 222 in early trading.
The number of workers filing new unemployment claims unexpectedly dropped. Initial jobless claims fell by 20 000 to 368 000 in the week ended February 26, the US Labour Department said on Thursday in its weekly report. It was the lowest level since May 2008. The previous week's figures were revised down to 388 000 from an original estimate of 391 000.
