Rand, JSE end week firmer

THE RAND and stocks firmed yesterday, buoyed by higher commodity prices and shrugging off a brawl in parliament during President Jacob Zuma’s State of the Nation address.

Investor nerves had been jarred by some speculation that Zuma might use his speech on Thursday to announce economic policy shifts and punish those cabinet ministers who tried to unseat him last year.

In the end he made no such announcements, but parliament descended into chaos when security guards tussled with far-left legislators who interrupted Zuma’s speech and lawmakers from the main opposition party walked out.

Rising commodity prices helped push equities higher on the JSE to leave the Top40 index up 1.65 percent at 45 756.81 points and the broader all share index 1.51 percent higher at 52 687.29 points.

gained 0.88 percent to R13.78 after the steel maker narrowed annual losses by at least 80 percent.

ArcelorMittal

added 0.45 percent to close at R26.85. – Reuters

Tsogo Sun