WEDNESDAY, 10.30AM
THE Johannesburg Stock Exchange’s industrial index rocketed to a new high yesterday as investors took hope from Reserve Bank statements that monetary policy will not be affected by the latest depreciation in the rand and widespread expectations of an imminent interest rates cut resurfaced.
Industrials added 73 points to take the index to a new high of 9 183, while financials reclaimed some of their losses of the past few days, adding 63 points to the index, whixh closed at 10 345.
Gold shares were the only ones not at the party, as a weaker bullion price pulled stocks down. The gold price fell below $320 in New York, dragging the gold index down 16 points to 954. But gold’s dampener was not enough to keep the all share index from hitting a new high of 7 492, 47 point’s up on the previous day.