JSE All-share index hits record high

Johannesburg - The All-share index hit a lifetime high in early trade on Tuesday, as commodity firms such as Impala Platinum Holdings [JSE:IMP] ticked higher, tracking gains in global equities after upbeat economic growth data in China.

By 07:37 GMT, the All Share [JSE:203] index, the broadest measure of South African stock market performance, was up 0.65% at 33 422 29, above its previous record of 33 334.55 set 11 months ago.

“Last year was a nothing year so a lot of money has been sitting on the sidelines. It’s January, a lot of money is looking to come into the market even with worries about Europe,” said Nick Kunze, a head of dealing at BJM Securities.

“The reporting season at home and in the United States would determine if there’s a real momentum behind these gains.”

The All Share index is up nearly 5% so far this year, after a flat 2011.

The benchmark Top 40 - (Tradeable) [JSE:J200] index was up 0.74% at 29 857.08, still well below its record high of 31.393.10 set last year.

Shares of commodity companies rose, as the slightly better-than-expected Chinese economic data convinced investors that resources will continue to be helped by demand for the world’s No 2 economy.

Diversified miner Anglo American [JSE:AGL] rose 1.4% to R324.98 and platinum producer Impala Platinum advanced 1.3% to R170.20.

China’s gross domestic product grew at an annual rate of 8.9% in the fourth quarter, its weakest in two-and-a-half years and slowing from 9.1% in the previous quarter, but it beat expectations for an 8.7% rise.

Source: www.fin24.com

<back