Local markets (1.4)

The JSE Securities Exchange SA (JSE) bounced into positive territory yesterday from what dealers described as an oversold position.

Window dressing due to the quarter-end for unit trusts also had a positive effect.

The All Share Index closed 0,82% higher. Industrials and financials firmed 1,315 and 0,95% respectively, while the Banks Index jumped 1,76%. Resources ticked up 0,36% and the Gold Mining Index gained 1,42%, but the Platinum Mining Index eased 0,15%.

The rand was range-bound and overseas markets are pretty steady. The JSE bounced from what had to be an oversold position. The strength was a broad selection to the heavy selling that has been seen over the past few days.

The dealer said that the fact that it was the quarter-end for unit trusts might have helped.

Bonds ended softer in thin trade yesterday on the back of a weaker rand, which was unable to hold near the R6,30-to-the-dollar level. At 4pm, the benchmark six-year R153 bond was at 9,530% from 9,430%.