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Johannesburg - The JSE made broad strong gains on Tuesday on expectations
of a rate cut and Alcoa's better-than-expected financial results
which sparked a rally on Wall Street on Monday.
The JSE all share index rallied 1.12%, with resources 1.00% stronger. Platinum miners gained 1.46%, and gold miners rose 0.53%. Banks climbed 1.89%, financials added 1.41% and industrials were up 1.08%.
The rand was bid at R7.54 to the dollar from R7.60 at the JSE's last close. Gold was quoted at $1 214.49 a troy ounce from $1 198.41/oz at the JSE's previous close, while platinum was at $1 524.00/oz from $1 520.50/oz before.
A trader said the local market firmed on the back of Monday's rally on Wall Street, which benefited from Alcoa's better than expected financial results.
Another trader said local investors were pricing in a cut in the repo rate.
The latter trader said there was no news flow to justify the big jump in share prices, noting that investors could be hunting for bargains.
Dow Jones Newswires reported that investors poured into US stocks on Tuesday, as encouraging earnings reports sent the Dow Jones Industrial Average climbing for a sixth straight session.
Better-than-expected earnings from aluminum giant Alcoa and railroad operator CSX lifted expectations for corporate strength in the second quarter and boosted materials and industrial stocks.
The Dow Jones Industrial Average rose 128 points, or 1.3%, to 10344 in recent trading, with all of its 30 components in the black. Leading the measure's climb, Caterpillar gained 2.4% and 3M rose 2.2%.
The Nasdaq Composite index climbed 1% to 2219. The Standard & Poor's 500-share index rose 1.2% to 1092, with all of its sectors rising. Industrial and financial sectors lead the gains.
- I-Net Bridge
The JSE all share index rallied 1.12%, with resources 1.00% stronger. Platinum miners gained 1.46%, and gold miners rose 0.53%. Banks climbed 1.89%, financials added 1.41% and industrials were up 1.08%.
The rand was bid at R7.54 to the dollar from R7.60 at the JSE's last close. Gold was quoted at $1 214.49 a troy ounce from $1 198.41/oz at the JSE's previous close, while platinum was at $1 524.00/oz from $1 520.50/oz before.
A trader said the local market firmed on the back of Monday's rally on Wall Street, which benefited from Alcoa's better than expected financial results.
Another trader said local investors were pricing in a cut in the repo rate.
The latter trader said there was no news flow to justify the big jump in share prices, noting that investors could be hunting for bargains.
Dow Jones Newswires reported that investors poured into US stocks on Tuesday, as encouraging earnings reports sent the Dow Jones Industrial Average climbing for a sixth straight session.
Better-than-expected earnings from aluminum giant Alcoa and railroad operator CSX lifted expectations for corporate strength in the second quarter and boosted materials and industrial stocks.
The Dow Jones Industrial Average rose 128 points, or 1.3%, to 10344 in recent trading, with all of its 30 components in the black. Leading the measure's climb, Caterpillar gained 2.4% and 3M rose 2.2%.
The Nasdaq Composite index climbed 1% to 2219. The Standard & Poor's 500-share index rose 1.2% to 1092, with all of its sectors rising. Industrial and financial sectors lead the gains.
- I-Net Bridge
