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Surging...

29 September 2004 Angelo Coppola

Nico Kelder, economist at the Efficient Group says that the JSE reached its all time high yesterday and closed at 11 710; unlike the previous record set in May 2002 the market looks fundamentally much more sound.

Financials, making the most of the day, gaining 1.6%, after the better than expected consumer inflation data; hinting at a rate cut in two weeks time.

The currency traded mixed, weaker against the dollar and euro; but marginally stronger against sterling.

South African bond yields closed softer by almost 1%. Commodities closed mixed, platinum 2.86% down, oil shedding 1.13% and gold traded 0.22 higher.

European markets closed in the black - the FTSE advanced 0.46%, the CAC gained 0.41% and the DAX increased by 0.98%.

In the US markets followed suit - the Dow Jones gained 59 points (0.58%) and the Nasdaq gained 1.29%. In the East the Nikkei and the Hang Seng is currently trading higher by more than a percent.

Locally we expect markets to continue its positive trend today unless the currency has something up its sleeve; the economic data expected today may affect trading if it differs from expectations.

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