Money SA economy
South African stocks ended firmly in the black on Wednesday amid positive economic trade data out of China, which boosted commodity stocks, a local trader noted.
By 5pm the JSE all share index was up 0.68%, with platinum miners adding 1.07%, resources firmed 0.60%, but gold stocks were flat, down 0.04%.
Banks were up 1.42%, with financials 0.98% higher and industrials put on 0.60%.
Gold was quoted at $1,119.60 a troy ounce from $1,115.84 at the JSE's last close. Platinum was at $1,602/oz from $1,591.50/oz at the JSE's last close.
A local equities dealer said: "Momentum is playing a big role at the moment on the local bourse. With most global markets generally flat, good Chinese trade data boosted local stocks as data on imports is a good sign for the South African economy, particularly resources.
The trader pointed to thin trade volume on the local bourse. "Investors seem to be sitting on their hands a bit, the market has a good run, and they are cautious of taking profit while the market is on that run," he said.
Dow Jones Newswires reported that US stocks opened slightly higher Wednesday as the financial sector climbed, along with technology and telecommunications stocks but the materials sector weighed as commodities slipped.
Overseas, data from China showed the country's surplus narrowed to $7.6 billion in February from $14.2 billion in January as imports surged. Exports from Germany, meanwhile, unexpectedly slumped over 6% in January, and industrial production fell in the UK during January.
On the JSE, Anglo American gained R3.54 or 1.21%, to R296.54, and BHP Billiton was 151 cents better off at R247.50. Sasol however, dropped R2.05 to R287
