Bourse makes solid gains, led by Anglo
STOCKS notched up solid gains yesterday, led by Anglo American, which rose sharply in the wake of a Chinese-inspired metals rally.
The benchmark JSE Top40 index climbed 1.61 percent to 45 019.8 points, while the wider all share index added 1.35 percent to 51 740.17 points.
Anglo American ended 7.2 percent higher at R205.40 after copper climbed 1.3 percent, aided by a weaker dollar and on further signs of economic recovery in China.
Platinum hit a two-month high of $981.90 (R13 450) an ounce in the last session and was slightly firmer yesterday.
Other mining companies chalking up gains included Glencore, which was 4.45 percent higher at R51.40 and BHP Billiton, up 4.16 percent to R231.59. Dual-listed miners such as Anglo and Glencore also got a lift from sterling weakness and the FTSE’s record run.
Meanwhile, the Standard & Poor’s 500 and the Nasdaq were flat yesterday afternoon, while Goldman Sachs led the Dow Jones industrial average lower, as investors await the earnings season to test if Wall Street’s record levels are justified by corporate earnings in the fourth quarter.
Banks have led a record-breaking run in US equities since Donald Trump’s election on November 8.