Money SA economy
The JSE ended firmer on Thursday as a strong start on Wall Street boosted sentiment, cheering up local investors who were disappointed over the decision by the South African Reserve Bank's (SARB's) Monetary Policy Committee (MPC) not to cut rates.
The JSE all share index gained 1.58%, as resources added 1.86%, and platinum miners surged 3.91%. Gold miners garnered 0.41%. Banks strengthened 1.78%, financials rose 1.49% and industrials edged up 1.37%. Gold was quoted at $1,194.85/oz from $1,192.93/oz at the JSE's previous close, while platinum was at $1,527/oz from $1,526.00/oz before.
A trader said the local market pulled back briefly after the MPC decided to keep the repo rate unchanged at 6.5% on Thursday.
The trader said the market was "disappointed" with the MPC's decision not to cut rates. A rally in US stocks provided support to domestic equities, the trader said. "Company reports in the US are better than expected," she said.
Dow Jones newswires reports that US stocks jumped on Thursday as better-than-expected housing numbers added to the market's cheer over a strong round of US corporate earnings and euro-zone economic data.
On the JSE, Anglo American plc rose R5.50 or 1.98% to R283.50, and BHP Billiton gained R3.40 or 1.55% to R223.40.
Sasol improved R5.02 or 1.74% to R293.
