Johannesburg - The JSE ended well in positive territory on Monday,
snapping a four-day losing streak as news of HSBC's proposed acquisition
of Nedbank Group [JSE:NED]
lifted the local bourse.
The JSE all share index was up 1.38%, with resources gaining 1.14% and platinum stocks
rising 1.85%. But gold miners lost 0.19%. Banks climbed 2.14%, financial
counters firmed 1.71% and industrials added 1.44%.
The rand was bid at R7.33 to the dollar from R7.31 at the JSE's close on Friday. Gold was
quoted at $1 221.93 a troy ounce from $1 226.03/oz at the JSE's previous close,
while platinum was at $1 506.50/oz from $1 516.00/oz before.
equity dealer said the domestic shares bounced on mergers and acquisitions
activity, involving BHP Billiton [JSE:BIL]
The equity dealer said a combination of short covering and bargain-hunting also helped
support the market.
Dow Jones Newswires reported that US stocks rose on Monday as investors were encouraged by
another round of acquisition offers, including one from Hewlett-Packard, that
came on the back of a big week in deal activity.
The Dow Jones Industrial Average climbed 63 points, or 0.6%, to 10 276, in early trading,
lifted by market excitement over another spate of deal announcements and
a time when economic data have been disappointing, the unexpected pop in deals is giving
investors hope that US public companies are finally getting confident
enough to start putting their $2.03 trillion in cash and short-term investments