Fight back

According to Stefan van Rooyen, at the Efficient Group, the sun’s rays ignored gold mining shares with AngloGold Ashanti (-1.77%) and Gold Fields (-1.54%) left in the dark, they stumbled over the cliffs.

Dimension data (9.33%) and Naspers (3.7%) had their paths paved with brightness - they were the upside leaders.

The currency weakened further against the dollar yesterday after the US trade data was better than expected. This led to a weaker euro and the rand took advantage by gaining 3 cents. Gold (0.23%) and platinum (0.40%) prices glittered on the commodity market while black gold dropped by 2.95%.

US equity markets closed marginally higher as investors supported the $55bn trade deficit reported yesterday, this was $6bn less than the market expectation.

European investors punished the CAC (-0.52%) as French Industrial Production fell in March which added worries about a European economic slowdown. In Asia the blue-chip Hang Seng (+0.23%) is currently on a warpath after yesterday’s losses from profit taking.

We expect the market to move sideways until the manufacturing data is released this afternoon.