Money SA economy
The JSE recovered its morning losses during the course of the day on Wednesday, tracking the Dow to a firm close amid hopes that the upcoming earnings-reporting season might lead markets out of a slump.
At its close, the JSE all share index had gained 0.49%, with resources 0.26 firmer. Platinum miners gained 0.49%, but gold miners gave up 1.3%. Banks added 1.25%, financials profited 0.94% and industrials gained 0.49%. Gold was quoted at $1 194.07/oz from at $1 192.88/oz at the JSE's previous close, while platinum was at $1 515.50/oz from $1 507.50/oz at the JSE's last close.
A local trader said: "We took our lead from the Dow when it opened this afternoon, ticking gradually upward after losses this morning. The US has been boosted by potentially better corporate earnings with earnings reporting season around the corner."
The trader noted that the local bourse brushed aside negative comments from Reserve Bank Governor Gill Marcus on the local economy.
The reality is the global economy probably never emerged from the crisis and this has significant implications for growth outlooks in South Africa, Marcus said on Wednesday.
Dow Jones Newswires reported that US stocks climbed, boosted by a rosy earnings forecast in the financial sector and a boost in energy stocks as oil prices climbed.
The market's gains came despite concern overseas over disappointing German manufacturing data. Germany is considered one of Europe's strongest economies, and the drop in manufacturing orders prompted concerns over how economic struggles among its euro-zone counterparts might be impacting the country.
Asian stocks largely declined on Wednesday after weak US data refuelled worries about the strength of the global economic recovery while technology shares across the region fell, unimpressed by Samsung Electronics' forecast of a record operating profit.
On the JSE, Anglo added R1.14 to R273.45, BHP Billiton gained R2.62 or 1.28% to R207.20, but Sasol gave up R3.20 or 1.14% to R278.40.
