The JSE experienced a broad rally as positive sentiments filtered through, while investors set aside recent gloomy news about the euro zone, Japan, the Middle East and north Africa.
|||The JSE experienced a broad rally on Wednesday as positive sentiments filtered through, while investors set aside recent gloomy news about the euro zone, Japan, the Middle East and north Africa.
Kevin Algeo, portfolio manager at Imara SP Reid, said a combination of the absence of negative news and upbeat corporate earnings in SA and abroad boded well for the market.
At its close, the JSE all-share index rose 1.75%, with gold counters jumping 1.21%, resources rising 1.60% and platinum miners adding 0.66%. Banks surged 2.53%, financials were up 1.75% and industrials picked up 1.88%.
The rand was bid at 6.79 to the dollar from 6.86 at the JSE's close on Tuesday. Gold was quoted at US$1,418.13 a troy ounce from US$1,420.02/oz at the JSE's previous close, while platinum was at $1,759.50/oz from $1,737.50/oz before.
Algeo said the rally on the local bourse was broad-based, noting that Shoprite (SHP) surged as investors seemed to be returning to the retail sector.
Dow Jones Newswires reported that US stocks traded higher mid-morning after a measure of private sector hiring raised optimism about Friday's monthly payrolls report.
The Dow Jones Industrial Average gained 58 points, or 0.5%, to 12,337 recently.
Automatic Data Processing, which compiled the private sector jobs numbers, said US payrolls increased by 201,000 jobs in March, just below the expected 205,000. Half the gains came from small businesses. The figure was "consistent with a gradual if uneven decline in the employment rate", the ADP report said.
"The employment question has been dangling over the market since we bottomed in 2009," said Bernie McDevitt, vice-president of institutional trading at Cheevers. He said investors who were cautious ahead of the number were likelier to buy stocks in case Friday's number proved to be stronger than expected. - I-Net Bridge
Source: http://www.iol.co.za/jse-rallies-as-mood-keeps-improving-1.1049705
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