Up slightly

The JSE Securities Exchange SA closed higher yesterday on the recovery in global markets. At the close,the JSE, the all share and all share industrial indices were up 0,47% and 0,53%.

RMB AM and Business Day report that resources added 0,47%, the gold mining index climbed 0,98% and the platinum mining index added 1,78%. Financials soared 0,40%, while the banks index climbed 0,04%.

The JSE has ended higher on the recovery in world markets. Foreigners are again buying South African stocks as they see it as a good story, and they see good growth coming through.

One broker said that he sees the JSE again testing all-time highs later in the year, but the market is going to remain volatile, especially given the high oil price. One of the main features of the day was the empowerment deal, which will see 1,75% of Old Mutual's South African businesses placed in black hands.

Old Mutual said its new black economic empowerment (BEE) partners included women's empowerment group Wiphold and listed BEE investment group Brimstone. Old Mutual ended up 1,1% at R14,76 and Nedcor closed up 1,9% at R74,40.

Bonds recovered from their worst level in afternoon trade to end almost unchanged yesterday after the US core producer price index showed less inflationary pressure than expected, while US March housing had the largest monthly slump since January 1991.