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    Positive economic and employment data from the US boost global markets

    Local markets

    Friday midday saw the JSE All Share up 0.61%, led by a strong recovery in gold mining and basic materials stocks after yesterday’s profit taking. Local investors were optimistic after positive US employment data was announced yesterday.

    The rand exchanged at R7.56 to the US dollar, strengthening slightly in line with positive international equity markets.

    Oil was selling at $78.18 a barrel at 12:00, edging up 0.23% on the back of stronger US economic and employment data.

    International markets

    Yesterday, the Dow Jones rose 2.08% and the Nasdaq enjoyed a 2.42% lift, thanks to optimism following positive economic data for the US. Good results for Cisco indicated that consumers were spending more on technology, boosting tech stocks.

    The Nikkei average edged up 0.74%, led by exporters who stand to benefit from the good economic news from their main market. Further gains were prevented by investors taking profits.

    Both the Shanghai and Hang Seng indices climbed as a result of positive news from the US and hopes for the domestic economy, with the Chinese index inching up 0.28% and the Hong Kong index rising 1.63%.

    The FTSE 100 had risen 0.17% by noon, after losses in energy shares were overcome by gains in banking stocks.

    Share price news

    In the gold mining sector, Village Main Reef (share code: VIL) sailed up to R1.10 a share at midday, a gain of 10% after just one deal. Paladin Capital (share code: PLD) gained 6% after three deals exchanged more than 21 000 shares, sending the price up to R1.59. Paladin announced this morning that one of the directors had purchased over 8 000 shares.

    In the mining sector, Sephaku Holdings Limited (share code: SEP) fell to R3.25 a share at midday, a loss of 4.41% after one sale of 3 000 shares. There were more losses for Freeworld Coatings Limited (share code: FWD) today as eight deals sent the share price down to R8.04, a fall of 4.29%.

    Permalink2009-11-06, 13:03:54, by Natalie Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1530

    Comments, Trackbacks:

    Comment from: Currency Wiz [Visitor] · http://www.currency-converter.co.za/
    Thanks for the info, it is good to sea the Rand is getting stronger, or at least for me it is. I heard the gold and platinum mines are in big trouble because of this! Let's hope this does not affect our economy on a negative scale
    PermalinkPermalink 2009-11-12 @ 23:31

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