• The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

  • Web of dependency

    Zupta defenders are playing cat and mouse with ratings agencies, says Solly Moeng.

All data is delayed
Loading...
See More

Weak rand pushes JSE to record high

Jan 24 2013 14:49
I-Net Bridge
Johannesburg – Relatively buoyant demand for industrial and mining shares lifted the JSE to a fresh record high on Thursday‚ with a weaker rand still providing impetus in addition to the upbeat China manufacturing data.

At 12:28‚ the All Share [JSE:J203] index was up 0.73% to 40 479.64 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.81% to 36 029.86‚ another record.

“Rand weakness continues to dominate the theme even though the long-term picture for SA looks a bit murky against the backdrop of labour tensions‚” said Devin Shutte‚ a trader at stockbrokerage‚ Newstrading.

The rand weakened to as much as R9.0855/$ during the morning session‚ boosting most rand hedged stocks‚ before recovering slightly by midday to R9.0324.

The All Share is now up over 3% in the year to date after a few sessions of consolidation.

Elsewhere‚ leading European shares were modestly higher at noon‚ with UK’s FTSE 100 edging up 0.23%.

HSBC's preliminary Chinese purchasing managers index for January grew to a 24-month high of 51.9 from a final reading of 51.5 in December‚ Dow Jones Newswires reported.

Among individual stocks on the JSE‚ Anglo American Platinum (AMS) lifted 1.23% to 440.22 and African Rainbow Minerals (ARI) was up 1.19% to R200.30.

Among industrial stocks‚ SABMiller (SAB) gained 1.70% to R433.65‚ Bidvest (BVT) picked up 1.59% to R217.89‚ Barloworld (BAW) garnered 2.40% to R91.39 and Richemont (CFR) was up 1.02% to R73.18.

Old Mutual (OML) gained 1.45% to R26.63. 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jse  |  markets

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...