Money SA economy
The JSE rallied on Monday with resources stocks benefiting the most from China's announcement that it was considering to make its exchange rate more flexible.
At the close, the JSE all share index rose 0.96% with resources 2.16% firmer. Platinum miners rose 2.91%, but gold miners lost 0.92%. Banks moved 0.24% higher, financials edged up 0.22% and industrials ticked 0.13% firmer. Gold was quoted at $1,253.39/oz from $1,259.18/oz at the JSE's previous close, while platinum was at $1,604.50/oz from $1,583.50/oz at the JSE's last close.
Dow Jones Newswires reported that US stocks broadly rallied on Monday as China pledged to make its exchange rate more flexible, which boosted expectations of a strengthening global economy.
But with China insisting on gradual change, analysts say only a modest appreciation of the yuan is likely at first.
Asian stocks were sharply higher on Monday, while regional currencies and the euro rose against the US dollar after China decided over the weekend to allow greater flexibility in the yuan's exchange rate.
On the JSE, Anglo surged R4.37 or 1.47% to R301.20, and BHP Billiton gained R7.49 or 3.45% to R224.34. Sasol added R10.30 or 3.61% to R291.75.
