Daily Wrap : 28 May 2008 – Inflation woes

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Wednesday, 28th May 2008 at 8:00 pm by Rander

Daily Wrap : 28 May 2008 – Inflation woes

The JSE ended in the red again today largely due to the falling metal prices and the terrible inflation statistics released today. The all share index closed 0.79% lower. Resources were down 1% while the gold index slumped 2.41% and the platinum index shed 2.12%. The Banks were down 0.93%, so to were financials by 0.28%. These two sectors were not helped at all by the inflation data released today which suggests there will be an interest rate hike soon.

The rand did not show much reaction to the inflation statistics. If anything the rand actually got stronger today. By the close of the JSE the rand was bid at R7.6784 to the dollar from a previous close of R7.7212. It was bid at R12.0325/€ from a previous R12.1205 and at R15.1864/£ from R15.2440 before.

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