SARAH BULLEN, Cape Town | Thursday 6.00pm
MARKETS bucked around on Thursday in a volatile day’s trade as they were presented with a volley of economic and company news from both domestic and international sources and heavy futures trading.
The Johannesburg Stock Exchange moved into the black in early trade before dipping into negative territory around midday. A late spurt saw the overall market close — spurred by a rally in industrial and IT stock. The industrial counter ended the day 1,15% higher, lead higher by heavyweights Didata and Comparex.
Black empowerment group Johnnic surged 11,7% to R104 as analysts say prospects looking bright for company post-restructuring and debt reduction announced on Wednesday.
Directing early trade was a dip in the Dow Jones Industrial Average on Wednesday night after the United States Federal Reserve announced a widely-anticipated hike in its interest rates by 25 basis points.
Platinum continued its racy run, settling at $466,2 an ounce — its highest level in nearly 10 years. Implats rises 480 cents to R279 on platinum’s rise while sister metal palladium also stormed to a record peak.
Gold was not as strong on the day, losing ground to trade at $285,10 by 4.30pm was the all gold index followed it down with a 1,59% fall. Dealers said the indications that Wall Street is in for a good day’s trade also helped push the market higher in late trade.
Asian markets closed the day on good form, with Tokyo’s Nikkei Dow and Hong Kong’s Hang Seng index closing up 1,06% and 1,13% respectively.