Stable Chinese growth figures and risk-on trade boost JSE
Higher commodity prices on dollar weakness proved good for gold mining and industrial shares
The JSE closed higher on Wednesday as a slightly weaker dollar again boosted commodity prices, lifting local mining and resources stocks. Gold mining and industrial counters led the gains due to a firmer rand. Investor uncertainty about the timing of a US interest-rate increase weighed on the dollar, boosting the gold price and gold counters. The all-share index closed 0.74% higher at 51,504.90 points with the top 40 adding 0.89%. All the main indices closed higher with the gold index surging 3.17% as the gold price rose. Gold was 0.83% higher at $1,272.99/oz at the JSE’s close. Resources gained 0.61%. The Dow Jones was 0.42% firmer at the JSE’s close, the FTSE 100 added 0.38%, the Paris CAC 40 0.42% and Germany’s Dax 0.35%. The Chinese economy grew 6.7% in the third quarter from a year earlier, and retail sales surged 10.7%, roughly in line with market expectations. Industrial output, however, gained 6.1% from a year earlier, marginally below expectations. These figures came after ...
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