Money SA economy
The JSE closed sharply higher on Monday as upbeat manufacturing data bolstered investor sentiment and resources helped fuel the rally.
The JSE all share index rallied 1.86%, with banks up 1.20% and financials rising 1.08%. Resources surged 2.78% and platinum counters gained 2.75%, but gold shares edged down 0.35%. Industrials rose 1.37%. Gold was quoted at $1 184.40/oz from $1 175.16/oz at the JSE's previous close, while platinum was at $1 588.00/oz from $1 564.00/oz before.
A trader said strong manufacturing figures in Europe and UK had eased debt concerns around the region. Risk appetite is back following stronger manufacturing data in most indebted countries in the world, the trader said, alluding to Europe.
Another trader said resources counters had rallied following high commodity prices and solid financial results from Anglo American Plc, which said on Friday it had resumed dividend payments after a two-year wait, declaring an interim dividend of US25c a share.
Dow Jones newswires reports that US stocks surged on Monday as better-than-expected construction spending and manufacturing data added to mounting optimism over encouraging European bank earnings.
The Dow Jones Industrial Average gained 183 points, with all of its components in the black.
On the JSE, Anglo American Plc rallied R9.54 or 3.25% to R302.99, and BHP Billiton surged R8.34 or 3.70% to R233.69. Sasol gained R8.50 or 2.94% to R297.50.
