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Johannesburg - The JSE ended marginally in the
black on Wednesday led by commodities amid a stronger euro against the
greenback, while US data revealed better-than-expected jobless claims.
At 17:00 the JSE all share index ended 0.41% higher, led by resources,
up 1.24%. Gold producers gained 1.06% and platinum counters swelled 1.34%.
Banks and financials fell 0.09% and 0.21% respectively, while
industrials lost 0.21%.
The rand was bid at 7.34 to the dollar, from 7.49 when the JSE closed on
Monday. Gold was quoted at $1 180.50 a troy ounce from $1 164.32 at the
JSE's last close, and platinum was at $1 471/oz, from $1 454/oz at its
previous close.
A local trader said: "We picked up from Australian mining stocks this
morning, which traded well on precious metal prices.
"The euro/dollar broke the 1.5000 barrier, which added to support for
commodity prices, and then later on this afternoon we had mixed results from
US data - unemployment figures were better than expected. We will continue
to track the Dow overnight."
Dow Jones Newswire reported that US stocks were modestly higher in early
trading on Wednesday, as an unexpected drop in durable goods orders largely
offset bigger-than-expected rises in consumer spending and personal income
last month along with a larger drop in jobless claims last week.
In other markets, the dollar fell against the euro and the yen, while
Treasuries were lower, with the 10-year note recently off 4/32 to yield
3.319%.
The action came after reports showed last week's initial jobless claims
fell by more than predicted and spending by Americans bounced back in
October as their incomes rose slightly more than expected. Still, the boost
from those reports was limited as the Commerce Department also said on
Wednesday that demand for long-lasting goods unexpectedly fell in October,
and a barometer of capital spending by businesses tumbled in another sign of
the recovery's sluggishness.
Still to come on Wednesday are reports on new home sales, as well as
consumer sentiment and the Kansas City Fed Manufacturing Survey.
The Dow Jones Industrial Average was three points at 10436 in recent
trading.
- I-Net Bridge