The JSE closed at a fresh all-time high on Friday with banks and financials leading the upside‚ while gold miners lost some steam due to profit taking.
Nedbank (NED) reached an all-time high‚ adding R4.74‚ or 2.59%‚to R188.03‚ along with FirstRand (FSR)‚ which gained R1.10‚ or 3.94%‚ to R29.00; Standard Bank (SBK) climbed R2.85‚ or 2.48%‚ to R117.95. MMI (MMI) performed best of the financial‚ gaining 65 cents‚ or 3.47% to R19.40.
“Our markets have seen good buying over the last while‚ with the underlying trend very strong. The all-share index has broken through a technical resistance level but we are looking a bit stretched at the moment‚” said Ferdi Heyneke‚ portfolio manager at Afrifocus.
At 17:00 local time‚ the JSE all-share index was up 0.60% to 35‚244.22 points.
“We are following world markets higher‚” added Heyneke.
European markets were sharply higher in late trade on Friday‚ with the FTSE gaining over 2%‚ while the Dow Jones Industrial Average was last up 1.67%.
Markets were buoyed by better-than expected US non-farm payroll data‚ showing that seasonally adjusted jobs rose by 163‚000 in July. Economists were expecting an increase of 95‚000. The unemployment rate‚ however‚ ticked up to 8.3%‚ versus expectations of 8.2%‚ Dow Jones Newswires reported.
Meanwhile US stocks opened higher‚ after falling for four straight sessions‚ as domestic payrolls rose much more than expected.
Among the losing gold shares were AngloGold Ashanti (ANG)‚ which shed R5.91‚ or 2.09%‚ to R277.50.
Coal of Africa (CZA) regained 23 cents‚ or 7.32%‚ to R3.37‚ after a couple of days of big losses. - I-Net Bridge