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Johannesburg - The JSE closed at a record high on Tuesday‚ supported by platinums and resources‚ amidst positive global market sentiment due to expectations of a compromise budget deal being struck in the US.
President Barack Obama and the Republicans are apparently closer to agreeing on a fiscal cliff deal‚ that will put off the $600bn US fiscal cliff of spending cuts and tax hikes.
Hopes for a budget deal got a boost after Obama brought a new offer to the table‚ in which he lowered the amount of tax revenue he was seeking and agreed to accept the Republican proposal to slow social security growth‚ Dow Jones Newswires reported.
At 17:00‚ the All Share [JSE:J203] index was up 0.53% to 38‚879.70 points‚ with the Top 40 [JSE:J200] index gaining 0.55% to 34‚464.75 points. Platinums improved 1.53% and resources added 1.48%.
European markets were broadly higher‚ with the UK FTSE 100 index trading 0.32% higher at 5‚931.12 points at 4.55pm local time due to the progress in US budget talks. At 17:07 local time the Down Jones Industrial index was seen flat (0.03%) at 13‚238.19 points.
“BHP Billiton in Australia gained 3.4% today due to risk-on trade being back on the table - that led to BP Billiton in SA gaining nearly 2%. Commodities were higher in general and therefore resources gained despite a stronger rand‚” said Rob Towell‚ senior trader at Consilium Securities.
“On our side industrials such as Imperial‚ Bidvest and Barlows were stronger‚ helped by a firmer rand. Volume amounted to R10bn today‚ which is not bad for this time of the year‚” he said.
“Traders are scared to sell because they want to close their books for the year at a high level‚ with December historically being a buying month‚” he added.
Anglo American (AGL) closed 2.12% higher at R260.50 and BHP Billiton (BIL) was up 1.95% to R296.85.
Aquarius Platinum (AQP) was off 4.24% to R6.55.
ArcelorMittal added 5.86% to R34.50 and MTN (MTN) was 1.29% higher at R169.15‚ after it had lost over 2% last Tuesday.
Gold Fields (GFI) dipped 0.99% to close at R100.
Jubilee Platinum (JBL) jumped almost 5% after it announced plans to merge with Platinum Australia‚ in the hope of creating a top-5 global player. The counter closed 1.87% stronger at R1.09.
President Barack Obama and the Republicans are apparently closer to agreeing on a fiscal cliff deal‚ that will put off the $600bn US fiscal cliff of spending cuts and tax hikes.
Hopes for a budget deal got a boost after Obama brought a new offer to the table‚ in which he lowered the amount of tax revenue he was seeking and agreed to accept the Republican proposal to slow social security growth‚ Dow Jones Newswires reported.
At 17:00‚ the All Share [JSE:J203] index was up 0.53% to 38‚879.70 points‚ with the Top 40 [JSE:J200] index gaining 0.55% to 34‚464.75 points. Platinums improved 1.53% and resources added 1.48%.
European markets were broadly higher‚ with the UK FTSE 100 index trading 0.32% higher at 5‚931.12 points at 4.55pm local time due to the progress in US budget talks. At 17:07 local time the Down Jones Industrial index was seen flat (0.03%) at 13‚238.19 points.
“BHP Billiton in Australia gained 3.4% today due to risk-on trade being back on the table - that led to BP Billiton in SA gaining nearly 2%. Commodities were higher in general and therefore resources gained despite a stronger rand‚” said Rob Towell‚ senior trader at Consilium Securities.
“On our side industrials such as Imperial‚ Bidvest and Barlows were stronger‚ helped by a firmer rand. Volume amounted to R10bn today‚ which is not bad for this time of the year‚” he said.
“Traders are scared to sell because they want to close their books for the year at a high level‚ with December historically being a buying month‚” he added.
Anglo American (AGL) closed 2.12% higher at R260.50 and BHP Billiton (BIL) was up 1.95% to R296.85.
Aquarius Platinum (AQP) was off 4.24% to R6.55.
ArcelorMittal added 5.86% to R34.50 and MTN (MTN) was 1.29% higher at R169.15‚ after it had lost over 2% last Tuesday.
Gold Fields (GFI) dipped 0.99% to close at R100.
Jubilee Platinum (JBL) jumped almost 5% after it announced plans to merge with Platinum Australia‚ in the hope of creating a top-5 global player. The counter closed 1.87% stronger at R1.09.
