South African futures were firmer on Thursday after the all share recorded broad-based gains on the decision by the European Central Bank (ECB) to extend its stimulus programme to December 2017. The decision initially caused volatility in the market with the rand retreating 3% against the dollar as the ECB also lowered its monthly asset purchases to €60bn from €80bn. The rand recovered to R13.6792/$ in early evening trade from an intraday weakest level of R13.8288. At 6pm, the local near-dated top-40 Alsi futures index had added 1.80% to 43,775 points, with 45,965 contracts traded from 28,497 on Wednesday. The JSE all share closed 2.16% higher at 50,543.40 points and the blue-chip top 40 added 2.25%. General retailers jumped 4.10% with food and drug retailers up 1.7%. Banks rose 3.03% and financials 1.68%. Resources climbed 2.70%, industrials 2.13%, and food and drug retailers 1.70%. Both the gold and platinum indices made moderate gains as the prices of the respective metals droppe...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.