SARAH BULLEN in Johannesburg | Wednesday 7.00PM.
THE Johannesburg Stock Exchange bounced back in the last half hour of trade on Wednesday to end stronger on most key indices after slowly drifting lower for most of the day.
Foreign markets provided the focus for the day’s trade with a 93-point fall in Dow Jones Industrial Average on Tuesday pulling markets lower. A strong opening on Wall Street, however, spurred the rally to close the day with the all share index up 22 points to 6905.
Disappointing money supply data released by the Reserve Bank had a muted effect on the market, possibly impacting on Thursday. At close of trade the industrial index had gained 47,8 points to 8099,3 while the financial index was 39,3 points up at 11921,4. Gold continued to float as the bullion dropped $1 from the London morning fix to around $290,00 an ounce. The all gold index dropped 9,3, 1,07%, points to 927,3.
The disappointing June money supply data had a strong impact on bonds, knocking 10 basis points off their value before a second set of data — better-than-expected June producer inflation — spurred a rally. At close of trade the R150 was flat at 16,120% after a previous close of 16,130% while the R153 offered a 15,910% yield — stronger than Tuesday’s 15,940%.
THE rand picked up steadily against the dollar in a quiet day’s trade to end 8 cents stronger at R6,1650. At 4.30pm a pound cost R10,1145 — up on the previous close of R10,2890.