09/02/2021 The JSE yesterday surged and breached the 65 000 point level, the highest gain ever, again buoyed by gains in the mining and retailing industries. The JSE All Share Index rose by a significant 1.2 percent to 65 059 points by 5pm yesterday, while the Top40 Index was 1.31 percent higher to reach an unprecedented 59 647 points.
The mining index advanced 3.45 percent to 59 576 points, while general retailers gained 0.23 percent to 5 348 points. Anglo American rose 4.69 percent to R528.87 per share, Sibanye-Stillwater was 3 percent higher at R63.85, while Impala Platinum gained 1.33 percent to R217.60 a share. Shoprite rose 3.05 percent to reach R141.71 a share, Massmart was 1.17 percent higher at R44.98, Woolworths 0.07 percent at R45.83, while Pick n Pay eased 1.28 percent to R56.13.
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Internationally, U.S. stocks rose for sixth day, the longest rally since August and Bitcoin jumps to a record after Tesla bought $1.5 billion. US and European futures are little changed this morning and Asian markets turn positive with Brent staying above $ 60.
The pan-European Stoxx 600 index ended the session 0.3% higher, with most sectors and major bourses in positive territory. Italy’s FTSE MIB was among the top-performing indexes, climbing 1.5% after former European Central Bank President Mario Draghi secured the support of two key parties for forming a new government. FTSE + 0.53%, DAX + 0.02%, CAC 0.47%
In the US all three major indexes set another round of record highs on Monday. The Dow and S&P 500 have now advanced for six straight sessions, while the Nasdaq Composite has finished in the green on five of those six days. The Russell 2000 led the way on Monday, jumping 2.5% to its own record high. The index has gained nearly 16% year to date. The Dow was up 237 points, S&P + 28 points and the Nasdaq closed 135 points up. Futures this morning are flat to small up. Later today, investors will get more updates on the state of the economic recovery with the NFIB’s small business survey and the Labour Departments job openings and labor turnover data. DuPont and Goodyear Tire will report their latest earnings before the market opens in New York. There are also several major tech companies set to report earnings this afternoon, including Twitter and Cisco.
Stocks in Asia-Pacific are mostly higher in today’s trade following overnight gains on Wall Street that saw the major indexes rallying to record closing highs. Mainland Chinese stocks led gains among the region’s major markets, with the Shanghai composite up 1.44% in afternoon trade, and the Shenzhen component rising 2.16%. Hong Kong’s Hang Seng index advanced 0.50%. Tencent + 0.68%. In Japan, the Nikkei 225 rose 0.23% , South Korea’s Kospi rose 0.39%. The S&P/ASX 200 in Australia fell 0.86%. MSCI’s broadest index of Asia-Pacific shares gained 0.46%.
Gold prices are firmer, as a weaker dollar and hopes of a massive U.S. stimulus package to support the virus-stricken economy boosted the precious metal’s appeal. Gold is up $ 7 at $ 1838 an ounce, Spot silver gained 0.3% to $27.34 an ounce, platinum rose 0.7% to $1,164.69 and palladium was steady at $2,330.99.
Oil prices are up to their highest levels in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets.Brent is up 0.86% at $ 61.08 and WTI + 0.85% at $ 58.46.
The Week ahead:
• Earnings season continues with companies including Honda Motor, Cisco Systems, Societe Generale and L’Oreal.
• EIA crude oil inventory report comes Wednesday.
• Sweden will set monetary policy on Wednesday.
• Federal Reserve Chair Jerome Powell will speak on a webinar Wednesday.
• The U.S. consumer price index comes Wednesday.
• Lunar New Year public holidays begin in nations across Asia, with China breaking for a week.
• Bank of Russia’s policy decision comes Friday.