Going for gold?

The stocks driving the market higher came from a wide variety of sectors, from BHP Billiton (+1.12%), Imperial (2.91%), Naspers (2.12%, Netcare (3.28%) and Reunert (3.19%) just to name a few.

The Efficietn Group reports that the stocks dropping lower were concentrated in the gold sector with Harmony (-2.83%), and Gold Fields (-1.52%) leading the drop.

The result of the Olympic announcement can clearly be seen, although upside down, on the foreign exchange market against the rand.

The dollar remained stable as they did not expect to win the bid, the euro strengthened as London will host the 2012 Olympics leaving the pound 4 cents weaker.

Gold and platinum took a breather yesterday to consult where to now, oil did not need to take a break and surged 3.38% higher as traders were focussed on the Olympic announcement.

The US equities traded lower as another excuse was thought of - hurricane season - which only starts in August, to trade oil higher. The Europeans were more optimistic with the FTSE once again recording the largest increase.

The Far East is taking stock this morning with the Nikkei drifting lower while Hong Kong is sitting on their hands. Trading in South Africa is expected to be positive as the economy still seems to be healthy.

Business Day:

* SAA jets back onto the black with R966m profit Morgan * Stanley ties knot with RMB in SA

Business Report:

* President’s jet flights costs R12.5m

* Harmony buys back 23.5% of corporate bond

Sake-Beeld:

* Metaalwerkers strate toe oor 1%

* Verbruikers maak beursie 9.2% wyer oop

Moneyweb:

* Sasol HEPS to rise 80-85%

* ABSA/Barclays – Jumping through hoops