Money SA economy
The JSE ended in the black on Thursday tracking positive global sentiment amid positive news on a potential rescue package for Greece, while an unexpected rate cut announcement by the South African Reserve Bank (SARB) also boosted local stocks.
The South African Reserve Bank's (SARB's) Monetary Policy Committee (MPC) on Thursday decided to reduce the repo rate by 50 basis points to 6.5%.
At 17:00, the JSE all share index was up 0.54%, with resources having gained 1.2% and platinum miners picked up 0.56%. Gold miners however, declined 0.32%.
Banks garnered 0.42%, financials ticked up 0.51%, but industrials wavered 0.10%. Gold was quoted at US$1,092.41 a troy ounce from US$1,091.51/oz at the JSE's last close.
Platinum was at $1,597.50/oz from $1,586/oz at the JSE's last close.
A local trader said: "An unexpected rate cut did help to keep the market up, but we are in line with global markets amid more positive news on Greece.”
The trader noted a 100-point jump by the JSE in reaction to the MPC's announcement however; he said the market had slowly come off during the course of the afternoon, citing possible profit taking.
Dow Jones Newswires reported Financials led US stocks higher on Thursday as concerns over sovereign debt eased and US Federal Reserve Chairman Ben Bernanke reiterated that record low interest rates are still needed.
On the JSE, Anglo American (AGL) was 5.94 rand or 1.98% firmer at 306.44 rand and BHP Billiton (BIL) gained three rand to 249.11 rand. Sasol (SOL) garnered 5.51 rand or 1.95% to 288.01 rand.
