The JSE all share index‚ the top 40 and industrial indices closed at fresh all-time highs on Friday‚ with platinums gaining the most on the day‚ while gold miners were the laggards‚ amidst lower metal prices on Friday.
This was due to a stronger US dollar after better-than-expected US employment figures‚ which could lead to the US Federal Reserve slowing its monetary easing policies.
US job growth accelerated in October‚ though the unemployment rate was slightly higher.
Non-farm payrolls figures in the US rose 171‚000 in October‚ while a 125‚000 increase was expected and the unemployment rate was in line with estimates‚ at 7.9%‚ although higher than the 7.8% in September.
At 5pm‚ the JSE all share index was up 0.77% to 37‚664.81‚ with the top 40 gaining 0.82%. The industrial index was up 0.89%‚ while platinums closed 1.12% higher and gold counters shed 1.44%.
“Nonfarm employment figures out of the US showed that significantly more people were added to the payroll than consensus estimates had predicted. The data adds to the positive sentiment created by UK construction PMI data this morning indicating growth rather than contraction as well as yesterday’s positive US manufacturing data‚” said Shaun Murison‚ market analyst at IG SA.
“Our local market is currently finding more guidance from international news flow than from domestic factors. This is evidenced by another breach of the all-time high by the top 40 index despite a week where poor labour and trade deficit figures were added to the continued woes of gold and platinum mines‚” he said.
“The diminished trading volumes this week alludes to a lack of participation from institutional investors‚ a lack of confidence at current price levels and a question of sustainability‚” he added.
Meanwhile US stocks rose at the opening bell on Friday‚ extending Thursday's rally‚ after the better US jobs figures‚ but the Dow however pared gains later on to trade 0.39% softer at 13‚180.67 points at 4.47pm local time.
European bourses were generally trading firmer in late trade‚ but London’s FTSE 100 was seen 0.11% lower at 4.47pm local time.
Among individual shares that showed movement on the JSE were Impala Platinum (IMP)‚ which added 2.03% to R156.50‚ while Northam Platinum (NHM) dipped 1.19% to R32.35.
Amongst gold counters‚ Harmony (HAR) shed 1.6% to R68.83 and Gold One International (GDO) dropped 3.33% to R3.19.
ArcelorMittal (ACL) jumped 3.14% to R34.45 and Barloworld (BAW) added 3.5% to R71.50.
M&R Holdings (MUR) gained 3.75% to R22.69 and PPC (PPC) improved 3.26% to R29.79. Hulamin (HLM) surged 13.45% to R3.88.
MTN Group (MTN) gained 2.63% to R164.20‚ near 2008 highs.
Country Bird (CBH) jumped 6.85% to R3.90‚ Oceana (OCE) closed 5.17% higher at R61 and Sovereign (SOV) surged 7.92% to R5.18. - I-Net Bridge