Deep underground…

The JSE (+1.38%) finished almost 200 points higher yesterday as heavyweight stocks were the main drivers of the bourse.

South African miner, Harmony (+8.59%) and investment firm, Real Africa Holdings (+7.95%) were the most preferred stock amongst investors.

On the currency market the rand finished flat against the dollar, while the pound and euro lost 9 cents and 8 cents respectively.

The normal inverse relationship between the dollar and gold price seems to have been broken as the dollar is strengthening in recent times and the gold price (+1.18%) has been rising. The oil price is still trading near the $55 per barrel level.

The Dow Jones (+0.59%) was the biggest gainer on Wall Street with the Nasdaq (-0.12%) swinging down. In Europe, the DAX (+1.97%) rebounded after losses were experienced on Friday. The Hang Seng (-0.08%) in Hong Kong is currently down as traders are waiting for the IPO of China’s fifth largest bank.

We expect equity markets to open very anxiously after the not-guilty verdict of Michael Jackson yesterday.