Money SA economy
The JSE ended on a strong note on Friday, bringing gains for the week to nearly 4% as Wall Street continued to cheer up local investors, who are turning attention to the kick-off of the earnings season in the US.
At its close, the JSE all share index gained 0.78%, with resources 1.30 firmer. Platinum miners rose 0.36%, and gold miners rallied 1.70%. Banks added 0.52%, financials profited 0.26% and industrials were up 0.54%.
Gold was quoted at $1 208.54/oz from $1 201.68/oz at the JSE's previous close, while platinum was at $1 534/oz from $1 528/oz before.
Mpho Mojalefa, trader at BJM Private Client Services, said there was a pick-up in the afternoon trading session on the local bourse following the opening of the US market, which started firmer on the back of the US wholesale inventories.
Mojalefa said the local market closed about 3.8% stronger for the week as it rebounded from oversold levels.
Dow Jones Newswires reported that US stocks edged higher on Friday following a rise in wholesale inventories that met expectations and as investors grew hopeful for the second-quarter earnings reports set to begin next week.
