SARAH BULLEN, Johannesburg | Monday 5.30pm.
SOUTH African markets continued to climb on Monday as stronger international market continue to provide a firmer base for local stock.
International markets perked up on Friday evening when the New York’s Dow Jones Industrial Average kicked its earlier slump to gain 2,15% (167 points) to 7 899. Positive sentiment spilled over into Asian markets, with Tokyo and Hong Kong markets gaining 5,24% and 5,69% respectively on Monday. Fuelling the international climb was news of an increased 67-trillion ($572-billion) bail-out package for Japanese banks.
On the domestic front, markets were pulled firmer by a strong rand which is still holding out under the R6 to the dollar mark it reached last week. Added to the rand’s strength, the bond market showed some strong gains, with the R150 bond gaining ground to a 16,26% yield. All this added up to a buoyant day for local stock, with financial stock leading the climb with a 4,08% gain.
A strong performer on the day was the Alsi-40, which tracks the 40 highest shares on the exchange, which climbed 3,81%.