Money SA economy
The JSE staged a sudden reversal of fortune, ending higher on Tuesday following positive US economic data.
The JSE all share index ended firmer at 0.60%, with resources 1.04% better off, and platinum miners 0.58% higher. Gold miners rose 0.12%. Banks added 0.06%, financials gained 0.44%, and industrials were 0.24% stronger. Gold was quoted at $1,226.58/oz from $1,216.97/oz at the JSE's close on Monday. Platinum was at $1,554.00/oz from $1,566.00/oz at the JSE's last close.
A local equities trader said: "The US market turned around after news that manufacturing expanded and we (South African markets) followed suit."
The trader also said the rand supported local resources stocks.
Dow Jones newswires reports that US stocks clawed back into positive territory on Tuesday after construction spending in April posted its biggest gain in nearly 10 years and US manufacturing activity expanded by more than expected.
After weeks of largely ignoring US economic data, investors helped the US stock market erase an early morning drop brought on by overseas worries after two key economic reports showed improvements in construction spending and manufacturing.
Asian stock markets ended lower on Tuesday on signs of a slowdown in the pace of China's economic growth.
On the JSE, Anglo gained R6.84 or 2.35% to R297.84 and BHP Billiton was R3.40 or 1.63% firmer at R211.40. Sasol dropped R3.53 or 1.26% to R276.25.
