Ho hum…
The JSE (0.74%) reaching another record high is almost expected, with the local market gaining 2.23% this week alone.
The Efficient Group says that to be recognised as a sharp riser is difficult in a market storming ahead, but Kumba (6.17%) achieved this, leaving the banks in its dust. Banking stocks are no slouches as the bank index climbed 3.18% yesterday.
The stronger currency once again dealt some pain to the gold miners as Harmony (-2.42%) and Gold Fields (-2.31%) would testify. Sasol (1.89%) shares weakened on the back of a stronger currency combined with oil declining 1.80% yesterday.
The rand has not been the reason for the strong performance of the equity market as the rand has gained 3.22% against the dollar, 2.32% against the euro and 2.11% against the pound so far this week. US markets were supported yesterday by lower than expected CPI (2.8%) data for May. The star performer on the Nasdaq (0.41%) was Apple Computers gaining 6.30% while General Motors (3.20%) helped the Dow Jones (0.68%) higher.
European stocks also recorded new highs yesterday, albeit three year highs, as the lower oil prices and positive US economic performance supported the heavyweights.
Shares trading in Japan (0.28%) are trading higher this morning on the back of Sharp Corporation (Japan). Hong Kong (0.24%) reached four year highs this morning with blue chips the drivers as pre-earning optimism combined with fading rate hike fears.
The underlying strength of the domestic equity market is unquestionable, thus it would be brave to predict a day in the red, being Friday we might just see some profit taking ahead of the weekend.
Business Day:
* Tiger cooks up R729m plan for black ownership
* Grindrod steps up growth drive
Sake-Beeld:
* Regering ‘se geduld is op oor hoë teletariewe’
* Kleinhandel-aandele dra partytjieklere
Business Report:
* IDC wants subsidiaries to combat rand reliance
* Kumba shares sizzle on red-hot trading forecast
Moneyweb:
* Two Decillion directors walk
* Shoprite revenue jumps 12%
