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    JSE up, up and away thanks to Commodities this morning

    Local markets

    At 12:00 on Monday, the JSE All Share had risen 1.19%, as Commodities, led by the gold mining sector, pushed the JSE firmer in the morning session, falling in line with the general upward momentum seen in markets globally.

    At 12:10pm the Rand was trading at 7.48 to the dollar, strengthening some what as it tracked the euro but local traders expect the Rand to remain range bound.

    Miners led the rally across all the major stock exchanges as gold powered to a record above $1,160 an ounce earlier today, lifted by a retreating dollar, which also promoted a sharp rise in copper prices. Oil was trading at $77.48 a barrel at midday.

    International markets

    On Friday, the Dow Jones lost 0.14% and the Nasdaq slipped 0.5% as homebuilder D.R. Horton and tech company Dell reported lower results than expected. Investors interpreted the news as a sign the economic recovery would be slower than anticipated.

    The Nikkei average was closed on Monday for a public holiday in Japan.

    In China, the Shanghai index finished 0.93% up, while in Hong Kong, the Hang Seng closed 1.41% higher after improved gold prices boosted commodity stocks. Chinese financial shares rose on hope for the extension of the loose monetary policy.

    At midday, the FTSE 100 had risen 1.7 percent higher in a broad rally led by buoyant commodity prices which lifted miners and energy stocks. Improved risk appetite also boosted banks.

    Share price news

    At noon, the top mover upwards was Nu-World Holdings LTD (share code: NWL) in the Household Appliances & Housewares (3743) sector, whose shares rose 6.67% to sell at R16.00, after 1 deal saw the exchange of 300 shares. Also gaining was Merafe Resources (share code: MRF) in the Metals & Minerals (1775) sector, which lifted 3.20% after 159 deals exchanged 5731297 shares to trade at R1.29.

    Losing ground in the Diversified Industrials (2727) sector was KAP International Holdings (share code: KAP) which fell 12.33% to R1.92 after 1 deal traded 2300 shares. Wesizwe Platinum Limited (share code: WEZ) also lost 3.76% after 23 deals, falling to a share price of R2.05 at 12:03.

    Permalink2009-11-23, 12:24:41, by Natalie Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1552

    Comments, Trackbacks:

    Comment from: Sean Rushforth [Visitor] Email
    Gold prices have today hit a record high

    PermalinkPermalink 2009-11-23 @ 17:23

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