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Johannesburg - The JSE ended the week in the black adding 60
points on Friday, boosted by positive consumer data out of the US and record GDP
growth for Germany, Europe's largest economy.
At its close the JSE all share index added 0.22%, with platinum miners rising 0.22% and resources gaining 0.21%. Gold miners however, shed 1.19%. Banks fell 1.54%, financials were 0.72% lower, but industrials gained 0.68%.
The rand was bid at R7.31 to the dollar from R7.27 at the JSE's close on Thursday. Gold was quoted at $1 212.28 a troy ounce from $1 1214.45/oz at the JSE's previous close, while platinum was at $1 520.50/oz from $1 529.50/oz before.
A local equity dealer said: "US consumer confidence rose, easing deflationary risk which is good news, while Germany came out with strong GDP data this morning.
"This good news filtered into our market, following what has been a rather negative week. Volumes however, remain light amid continued uncertainty," he said.
"Financials are lower, but only marginally. It is only Standard Bank that has lost a lot of ground today, but I am not sure why, as their results would have already been priced into the market yesterday," the trader said.
On Thursday Standard Bank revealed H1 normalised headline earnings per share up 9% to 381.9 cents.
Dow Jones Newswires reported that US stocks rose Friday as improving retail sales and consumer sentiment provided a welcome deviation from this week's disappointing data, but continued worries about the global economy kept the gains small.
Investors adjusted their positions following a three-day drop that took the measure 3.5% lower and sent it into negative territory for the year. The slump came as weak economic data suggested the global economy was slowing and reignited fear of a double-dip recession.
Friday's data were a reprieve from the spate of discouraging data that had been released earlier in the week. Still, it wasn't all positive. The retail-sales gain was driven by cars and gas as demand fell in many other categories, indicating consumers are still reluctant to spend amid high unemployment and a bleak housing market. Meanwhile, a bigger-than-expected rise in US business inventories came as sales fell, suggesting the growth in stockpiles was involuntary.
In Europe German GDP grew far more than expected in 2Q, by a record 2.2%, its best performance since reunification two decades ago.
In Asia Tokyo shares ended up 0.4%, with the Nikkei Stock Average snapping a five-day losing streak, but Hang Seng Index eased 0.2%.
At its close the JSE all share index added 0.22%, with platinum miners rising 0.22% and resources gaining 0.21%. Gold miners however, shed 1.19%. Banks fell 1.54%, financials were 0.72% lower, but industrials gained 0.68%.
The rand was bid at R7.31 to the dollar from R7.27 at the JSE's close on Thursday. Gold was quoted at $1 212.28 a troy ounce from $1 1214.45/oz at the JSE's previous close, while platinum was at $1 520.50/oz from $1 529.50/oz before.
A local equity dealer said: "US consumer confidence rose, easing deflationary risk which is good news, while Germany came out with strong GDP data this morning.
"This good news filtered into our market, following what has been a rather negative week. Volumes however, remain light amid continued uncertainty," he said.
"Financials are lower, but only marginally. It is only Standard Bank that has lost a lot of ground today, but I am not sure why, as their results would have already been priced into the market yesterday," the trader said.
On Thursday Standard Bank revealed H1 normalised headline earnings per share up 9% to 381.9 cents.
Dow Jones Newswires reported that US stocks rose Friday as improving retail sales and consumer sentiment provided a welcome deviation from this week's disappointing data, but continued worries about the global economy kept the gains small.
Investors adjusted their positions following a three-day drop that took the measure 3.5% lower and sent it into negative territory for the year. The slump came as weak economic data suggested the global economy was slowing and reignited fear of a double-dip recession.
Friday's data were a reprieve from the spate of discouraging data that had been released earlier in the week. Still, it wasn't all positive. The retail-sales gain was driven by cars and gas as demand fell in many other categories, indicating consumers are still reluctant to spend amid high unemployment and a bleak housing market. Meanwhile, a bigger-than-expected rise in US business inventories came as sales fell, suggesting the growth in stockpiles was involuntary.
In Europe German GDP grew far more than expected in 2Q, by a record 2.2%, its best performance since reunification two decades ago.
In Asia Tokyo shares ended up 0.4%, with the Nikkei Stock Average snapping a five-day losing streak, but Hang Seng Index eased 0.2%.
