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    Rand strengthens as risk appetites improve

    Local markets

    By midday Wednesday, the JSE All Share had slipped by 1.57% after a flattish morning’s trade, weighed down by weaker resources and energy stocks and finding little encouragement from quiet international markets.

    Meanwhile the rand was trading at R8.38 to the US dollar, strengthening as investors renewed their risk appetites after US stocks improved overnight.

    Oil cost $58.34 a barrel at noon, continuing to gain after yesterday’s six-month high. Investors’ hopes for recovery in oil demand were boosted by US inventory data that showed a lower build-up of stock than was predicted by forecasts.

    International markets

    There were mixed results on US markets yesterday; the Dow Jones closed up 0.6% after energy shares rose enough to cover losses in financial stocks, while the Nasdaq lost 0.88% after investors booked profits.

    The Nikkei edged up by 0.45% this morning as investors took courage from news that Chinese retail growth had increased last month, which served to offset losses in the industrial sector.

    The Hang Seng experienced an up-and-down day’s trade before closing on a downward slide of 0.55%. Positive sentiment dimmed as investors continued to sell CCB shares, weakening bank stocks.

    The FTSE 100 had suffered a 0.29% loss by noon SA time, as stronger pharmaceutical stocks and food producers were not enough to offset weaknesses in bank and mining stocks.

    Share price news

    Platinum producer Braemore Resources PLC rose to R1 a share at lunch time, gaining 36.99%. In the Metals and Minerals sector, Metorex Limited continued its impressive recent run of gains with another increase of 15.53% after 136 deals to trade at R2.53 a share at 12:27pm.

    The IPSA Group PLC involved in the construction, development and operation of electricity generation assets and the supply of electricity, lost 20% to sell at R1.20 a share at noon. Lonmin PLC, another in the platinum sector, lost 11.43% after 283 deals sent shares falling to R155 each at 12:00.

    Permalink2009-05-13, 12:34:48, by Natalie Email , 1 comment
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    Comment from: henry [Visitor] Email
    love your site-just what i needed!! now reply to my email i send this morning!!!!
    PermalinkPermalink 2009-05-13 @ 14:31

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