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/ 28 September 2006
The JSE remained in the black at midday on Thursday, with gold and resources stocks giving the bourse support as the bullion price moved back above the $600 an ounce level overnight. Traders noted good demand for retail stocks earlier in the session, but prices for these stocks have come off a shade after worse than expected producer inflation figures.
After ticking slightly higher in early trade, the JSE was a tad softer by noon on Friday, with traders waiting for a lead from external factors. By noon, the all-share index was down 0,19%, with the gold-mining index down 1,93% and resources off 0,39%. Industrials were off 0,2%. Financials firmed 0,21% and banks advanced 1,01%.
The JSE was mostly flat by midday on Tuesday, with no fresh news to give the local market direction. Traders said with the United States market disappointing on Monday — it ended up just nine points after being ahead over 100 at one stage — the local market lacked impetus.
The JSE was firmly in the black at midday on Friday, in line with most European markets which shrugged off Thursday’s foiled airline terror attacks. By 12.13pm, the all-share index was up 0,87%, with resources 1,09% firmer, the gold-mining index 1,2% better and the platinum-mining index up 0,34%.
Airports Company South Africa’s (Acsa) network of airports is well on track to cater for the influx of tourists and visitors expected to arrive in the country for the 2010 Soccer World Cup, MD Monhla Hlahla said on Thursday. Key projects at Johannesburg, Cape Town and Durban International airports are in full swing.
The JSE was in the black at midday on Friday, lifted by resources, which were also firmer in London. The JSE’s gains came despite the firmer rand. By noon, the all-share index was up 0,11%. Resources added 0,79%, the gold-mining index was up 0,48%, while the platinum-mining index advanced 1,24%.
The JSE remained strong at midday on Friday with the overall market up 2% in line with firmer global markets and strong commodities prices. Following the decision by the United States Federal Open Market Committee to increase interest rates, Wall Street surged more than 2% on Thursday, posting its biggest one-day point gain in more than three years.
The South African rand was sharply firmer against the dollar in early trade on Friday after a slide in the dollar following the United States federal open market committee’s (FOMC) decision to increase interest rates on Thursday night. At 8.26am, the rand was bid at R7,1153 per dollar.
The JSE was off its worst levels by midday on Tuesday as some bargain hunting emerged after the all-share index fell over 800 points, or 3,7%, on Monday. The gold-mining index, which was off 4% earlier, had come back and by midday was 2,87% lower. By 11.53am, the all-share index had shed 0,92%, with the platinum-mining index down 3,58% and resources off 1,95%.
The JSE was down 2% at midday on Monday, following a more than 5% drop in both gold and platinum miners. Traders said the local bourse was following world markets, which were under pressure, while lower commodities prices were also weighing on sentiment.