The JSE has rallied, snapping a three-day losing streak that saw falling commodity prices and uncertainty over inflation and the global economic outlook put strain on the equity market.
|||The JSE rallied on Friday, snapping a three-day losing streak that saw falling commodity prices and uncertainty over inflation and the global economic outlook put strain on the equity market.
After the release of better-than-expected employment data in the US, the local market staged a rally and brought aggressive selling to an end, an equity derivatives trader said.
By 17:00 local time, the JSE all-share index gained 0.94%, with platinum miners jumping 2.66%, gold miners rising 0.13% and resources firming 1.36%. Banks collected 1.79%, industrials were up 0.52% and financials advanced 1.01%.
The rand was bid at 6.65 to the dollar from 6.72 at the JSE's close on Thursday. Gold was quoted at US$1,495.47 a troy ounce from US$1,488.43/oz at the JSE's previous close, while platinum was at $1,790.20/oz, from $1,771.00/oz previously.
The equity derivatives trader said the market might follow through next week as bargain hunting was likely.
Dow Jones Newswires reported that US stocks climbed on Friday after data showed US companies added more jobs than expected in April, sending a jolt of positive sentiment into a battered market.
After a largely downtrodden week, stocks surged on Friday, the one-year anniversary of the "flash crash", when the Dow Jones Industrial Average had its largest, fastest plunge and wiped out nearly US$1 trillion of stock market value in just minutes.
On Friday, the Dow rose 142 points, or 1.1%, to 12,726.
The advance comes after government data showed nonfarm payrolls rose by 244,000 last month, as the private sector posted the strongest employment gain in five years. The increase topped expectations for a rise of 185,000 jobs.
Investors said the jobs data provided a dose of encouragement after several weeks of lacklustre economic data.
The unemployment rate, which is obtained from a separate household survey, rose to 9% last month from 8.8% in March. - I-Net Bridge
Source: http://www.iol.co.za/jse-rally-halts-three-day-sell-off-1.1065530
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