Money SA economy
The JSE rallied on Monday, erasing the losses it incurred on Friday and more, as positive sentiment returned to global markets on news that the European Union (EU) had moved to stabilise the euro and prevent the Greek debt crisis from affecting other member countries.
At its close the JSE all share index had improved 4.32%, with resources 4.81% firmer, and platinum miners 7.08% stronger. Gold miners, however, were 2.20% lower. Banks were 5.56% higher, financials added 4.7% and industrials were up 3.64%.
The JSE had on Friday recorded the highest number of trades ever traded in the exchange's 123-year history, surpassing its previous record set only two days before. The new trading record of 189 253 trades was valued at more than R30 billion.
The total number of trades on the exchange for last week was also a record 751 381 trades toppling the previous record of 535 883 set in October 2008 in the midst of the global financial crisis.
Gold was quoted at $1 200.17/oz from $1 200.06/oz at the JSE's last close. Platinum was at $1 692/oz from $1 661/oz at the JSE's last close. A local equities trader said: "The rally today is purely on the back of a rescue package for Greece and assurances for EU member countries.
"This helped boost global sentiment and restored some confidence back into the market and helped the JSE erase Friday's losses."
Dow Jones Newswires reported that US stocks surged as the market opened on Monday, with stocks leaping back into the black for the year after the European Union agreed to a nearly $1 trillion package to help stabilise a debt crisis threatening to widen within Europe.
