JSE in a festive feeling
Johannesburg - The JSE roared to a new all-time high on Wednesday bolstered by some institutional interest ahead of the unit trust close-out at the end of the month and as the weak rand and strong commodities prices combined forces to boost resources.
Wednesday's level was both a new record on the close of 24 932.270, with the previous best coming on December 21 when the JSE struck 24 825, while a new all-time trading high was also achieved of 24 998.211.
The all share index closed up 1.22%, led by gold at 2.62% and resources at 1.63%. Platinum added 0.92% and industrials 0.95%, while banks were up 0.60% and financials by 0.96%.
The rand was bid at R7.0060/US$ from R6.9900 when the JSE closed on Friday, while gold was quoted at US$628.45 a troy ounce from $619.75/oz at the JSE's last close.
"Volume was fairly light all day, with spreads very wide, but we do have the unit trust close-out at the end of the month. No-one appears to be bearish as volume is light on the selling side and people are still trading with the trend," said trader from Afrifocus, Kevin Barlow-Jones.
"We had a big futures close-out last week and then another good day on Friday, setting the trend," he explained.
"The rand was weaker for most of the day above seven to the dollar and gold was higher, which gave a reason to buy resources," concluded Barlow-Jones.
News was from www.news24.co.za
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