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    Global markets strengthen on hopes for further stimulus

    Local markets

    On Wednesday at midday, the JSE All Share had risen 0.82% with gains in basic materials shares leading the upward movement. However, gold mining and industrial stocks were losing ground.

    The rand was exchanging at R6.88 to the US dollar, strengthening slightly as the dollar weakened.

    Gold climbed 0.46% to cost $1 346.20 an ounce at noon, selling at a record high after dollar weakness and on expectations that the US Federal Reserve may ease policy.

    International markets

    Yesterday, the Dow Jones gained 1.80% and the Nasdaq soared 2.36% as investors became more convinced that central banks would further boost weak economic recovery worldwide.

    Japan’s Nikkei average climbed 1.81% this morning to reach its highest close in two months after the Bank of Japan's credit easing boosted financial and property shares.

    Hong Kong’s Hang Seng rose 1.07%% despite technically overbought conditions, taking a lead from gains on US markets on hopes of further intervention by international central banks.

    The FTSE 100 had risen 1.02% by midday Johannesburg time, on hopes for further stimulus measures worldwide, which spurred gains in commodity shares.

    Share price news

    Gold One International (share code: GDO) had risen 5.79% to R2.01 a share by midday, as 187 063 shares were traded in 18 deals.

    In the metals and minerals sector, Anglo American PLC (AGL) saw the exchange of 4 973 707 shares in 3 633 deals, which boosted the price by 3.27% to sell at R301.25.

    After 78 deals exchanged 563 694 shares, Esorfranki Limited (ESR) in the construction sector experienced a 4.12% loss as shares fell to R1.86 each.

    Shares in Jasco Electronics Holdings Limited (JSC) slid 2.26% to R1.30 at noon, after investors traded 149 937 shares in 7 deals.

    Permalink2010-10-06, 12:13:00, by Natalie Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1996

    Comments, Trackbacks:

    Comment from: Tips [Visitor] Email
    Good, sharenet! Now, some of our clients are speculating that the price of gold will rise in the future. And we have other clients who are speculating that the price of gold will fall. They place their orders with us, and we buy or sell their gold for them.
    PermalinkPermalink 2010-10-07 @ 06:45

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