JSE at fresh record peak

Comment on this story
JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

The JSE all share‚ top 40 and industrial indices continued to push to fresh record levels at midday on Friday‚ as market players awaited a key US jobs report for further direction.

At 12.35pm‚ the JSE all share index was up 0.38% to 37‚518.83‚ with the top 40 gaining 0.38% to 33‚365.93. Platinum and industrial stocks lifted 1.3% and 0.44%‚ respectively.

Gehard Lampen‚ head of Sanlam iTrade‚ said one of the main reasons the JSE was continually making new highs was the switch by investors from assets that are perceived to be safer such as bonds.

“The key worry is the lower yield on their capital now that financial markets seem calmer than they were in recent months.” He said the reason investors continued to pick industrial and financial shares - even as they looked expensive - was that they could predict future profits with more conviction than in mining stocks‚ which are driven by unpredictable commodity prices.

Major European bourses were mostly flat ahead of the US nonfarm payroll data‚ with London’s FTSE 100 inching up 0.05%.

Among individual shares on the JSE‚ BHP Billiton (BHP) added 1% to R283.19 and Impala Platinum (IMP) rose 2.22% to R156.79.

On the industrial index‚ Barloworld (BAW) was up 1.62% to R70.20.

Telecoms stock MTN (MTN) gained 1.16% to R161.84. - I-Net Bridge



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.