THURSDAY, 7.15PM:
THE Johannesburg Stock Exchange continued to ride the wave of positive economic data and solid futures buying, with both industrials and financials making good gains on Thursday. Dealers noted a surprisingly benign reaction to Finance Minister Trevor Manuel’s Budget, announced on Wednesday, hinting that it was well received.
Although the all gold index slipped 7,3 points to 734,3, the industrial index jumped 72,7 points to 8463, with the financial index leading the pack — leaping 35,8 points to 13376,4. The all share index rose 22 points to 7200,6.
The R150 government bond closed 19 points up on its morning low at a 13,265% yield – 8,5 basis points stronger than the previous close. The longer-dated R153 bond pulled the market forward to end stronger, with foreigners, not subject to the increase in the tax on retirement fund income, buying into the long end of the curve. The R153 was last 10 basis points firmer at a 13,56% yield.
The rand slipped marginally against the dollar in afternoon trade but made big losses against the Sterling as the pound-mark rate climbed.
The rand-dollar exchange rate closed at R4,9855-85 to the dollar from its Wednesday close of R4,9780-10 after trading R4,9885 and R4,9810 during the day. The rand weakened sharply against Sterling however, to close at R8,2400 from R8,1803 late on Wednesday.