All-share breaks through 60 000 points

A SOFTER rand and positive mood on global markets helped the JSE to start the week on a high note yesterday‚ with most of the major European and US equity markets reaching record highs.

Domestically‚ all eyes remained fixed on any developments within the ANC that could move the rand‚ while globally‚ sentiment has been bullish.

The all-share gained 0.54% to 60 038.4 points and the Top 40 was up 0.55%.

Resources added 1.55%‚ platinum miners 1.57% and general retailers 1.37%. Gold miners were off 0.27%

Wall Street had its best start to a year in a decade‚ with inflation in the US remaining low‚ economic growth improving and interest rates likely to stay at their low level for some time‚ Treasury-One currency dealer Phillip Pearce said.

The recent passing of corporate tax cuts in the US meant exchanges were catching the eye of every risk investor‚ he said.

A slightly weaker rand benefited miners and rand hedges‚ but volumes on the JSE were low‚ at R10.5-billion‚ compared with the daily average of R20-billion.

Rand hedge Richemont gained 2.14% to R114.50 and British American Tobacco 0.38% to R830.25. Naspers fell 0.54% to R3 597.03. Miners BHP firmed 2.82% to R266.82 and Anglo American 2.06% to R274.

Investment holding company Brait lost 4.37% to R42.68.

Mr Price rose 1.64%, while Steinhoff International fell 1.36% . – BusinessLIVE