JSE takes its cue from stronger global markets

21 April 2015 - 13:18 By Madeleine Van Niekerk

The JSE was firmer on Tuesday morning‚ taking its cue from stronger Asian markets and a firmer overnight close on Wall Street. News of China’s latest round of stimulus measures drove the Dow higher — it closed 1.17% firmer.Asian markets continued to surge on news of the stimulus measures‚ with the Japanese Nikkei 225 ending 1.4% higher and the Hong Kong Hang Seng index 2.7% higher.At 9.30am‚ the all share index was up 0.51% to 54‚115.60 points‚ with the blue-chip top 40 index rising 0.58%.The gold mining index led the gainers‚ up 1.25%‚ despite a softer gold price. Food retailers added 1.14% and industrials lifted 0.85%. Resources were the only index in negative terrain‚ down 0.61% after rebounding more than 2% on Monday.Stockbrokerage Imara S.P. Reid said in a morning note further upside momentum was indicated for the JSE at the start of the session‚ “as local equities react to the brisk US performance and the generally improved tone on Asian markets this morning”.Imara said the local bourse would enjoy “improved support” on the day‚ as the sector reacted to the overall market tone‚ which had improved.“Banking counters remain lacklustre on a relative basis and very short-term indicators for the sector are still hinting at a modest amount of profit-taking. Retailers were in the green by 0.55% and the sector will enjoy further marginal improvement today. While life assurance counters will trade up today‚ the sector is modestly overbought in the near term‚” the stockbrokerage said.“Internationally‚ marginal advances at most are suggested by the overall US market tone and ultimately the short-term technical moves on the market over the next 48 hours will hinge upon earnings data‚” Imara said.Over the next 48 hours‚ companies including Coca-Cola‚ DuPont‚ Microsoft‚ Google and United Technologies will be among those reporting first-quarter earnings.Among individual shares on the JSE‚ Anglo American (AGL) lifted 0.97% to R185 and BHP Billiton (BIL) gained 0.78% to R265.66.Gold miner Harmony (HAR) was up 1.44% to R23.31 and AngloGold Ashanti (ANG) added 1.37% to R139.43.Food retailer Pick n Pay (PIK) firmed 3.86% to R53.49. It delivered a 28% rise in full-year headline earnings per share to 177.26c in the year ended March 1 2015‚ topping market forecasts.Media company Naspers (NPN) lifted 3.28% to R1‚889.99 - RDm News Wire, BDlive..

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