For a change…

Edcon (+3.31%) and Truworths (+1.26%) surged the most. Other events on the market were the strong performance of Johnnic Holdings (+9.18%) and the stumbling of Tiger Brands (-2.00%).

The rand is currently moving in a tight range, gaining between 3 cents and 5 cents against the major currencies. Profits for gold (+0.05%) companies are under pressure as the cost of labour, equipment and materials outpaces gains in bullion.

The current global output of 2 478 tonnes is the lowest in eight years. The oil (-0.38%) price declined somewhat yesterday; the spot price is currently trading below the $50 per barrel level. The lower than expected US 4th quarter GDP of 3.8% (annualised) did not discourage the US investor. The market closed 1.54% up across the board.

The European equity markets all closed in the red yesterday, the CAC 40 (-0.42%) was the biggest loser. Currently there is an upbeat outlook in the Asian equity markets; the Hand Seng (+0.63%) seems to be leading the surge.

We expect a busy day today as the money supply data for February will be released later this morning – focus will be on the private sector credit extension. This afternoon will follow with the trade data.