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US jobs data helps all share hit 41 000 points

March 12 2013 at 08:00am

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The all share index rose above 41 000 points on the JSE yesterday, before ending the day at 40 984, a rise of 0.6 percent and still in record territory. The index hit its previous closing high of 40 892 points on February 8, before troughing at 39 275 on February 27. Investec Asset Management equity dealer Ryan Wibberley said that the US data on jobs had provided “an incredible platform” for equities. The US unemployment rate unexpectedly declined to 7.7 percent, the lowest since December 2008, from 7.9 percent, according to Bloomberg. Wibberley said the market now believed the US was on a recovery trail. The benefits to the rand after comments on Friday by Reserve Bank governor Gill Marcus soon wore off as the mood darkened on news of more mining strikes. Marcus said the rand weakness was overdone and said it would probably strengthen to more “reasonable levels”. Barclays commented yesterday: “Although we concur that the rand is undervalued by 6 percent from a purchasing power parity (PPP) perspective, exchange rates can diverge from PPP for long periods of time.” – Ethel Hazelhurst


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