If this were football, and the JSE were down 3 - 0 at half time after yesterdays slump, then today, the JSE would have pulled a goal back to make the score 3 - 1. The JSE staged a recovery today, the all share index ended 2.56% higher, largely due to a 3.27% rise in resources. The platinum mining index rallied 3.57%, but the gold mining index shed 0.96%. Firmer metal prices spurred a fresh round of buying for mining stocks which resulted in platinum miner Anglo Platinum (AMS) rising 6.79% to R582, Impala Platinum (IMP) gained 1.17% to R130 and Lonmin (LON) was up 6.54%, to R259.95. Investors are still looking to buy into resources at this stage, notably gold as they see it as a safe haven. This resulted in the price of gold to increase by 2% today.

Brewer, SABMiller (SAB) caught the eye today as it soared 8.57%. Could this have been spurred by the introduction of their new beer, Dreher onto the local market or just generally that, even during tough times consumers are still going to drink?

The rand continues to hover around the R8.82/$ mark with growing fears that the local currency could soon hit the R9.00/$ mark. One would assume that exporters would be very happy with the rand trading at R9.00/$ but with the current slow down in the world economy, the goods and services that would be exported may not be consumed by the consumers in the foreign countries that are struggling to get to grips with what is happening in the world markets.

Subscribe

Sign-up to receive the latest updates from TheRandToday.com direct to your mailbox

Loading ...