Bourse shows positive gains
THE stock market’s benchmark Top40 index rose 0.89% to 44 939 points, while the all-share index gained 0.74% to 51 504 points yesterday.
Among the gainers were gold producers, which were supported by a higher spot gold price.
Nedgroup Investments equities trader Bewyn Petersen said gold was reacting to Tuesday’s US consumer prices data that showed a moderation in underlying inflation.
At close the rand was trading at R13.87/$, not far off its overnight close of R13.89/$ on Tuesday.
Statistics South Africa data showed headline consumer inflation quickened to 6.1% year-on-year in September from 5.9% in August, suggesting that policy-makers will keep the benchmark repo rate at 7% next month, maintaining attractively high returns for foreign investors. — Reuters