What consolidation?
The JSE (0.26%) ignored international markets (4/8/05) which seemingly started with a consolidation phase as the positive results from Gold Fields and Anglo American supported the local equity market.
Although Gold Fields and Anglo American released results it was their competitors whose shares gained the most. Harmony (5.96%) lead Harmony (3.85%) which was followed by AngloGold Ashanti (1.97%).
The Efficient Group reports that most of the large stocks traded higher while Telkom (-1.19%) and RMB Holdings (-1.36%) were the losers yesterday. The rand stood its ground against the dollar but by doing this lost ground to the euro and pound while the dollar also slipped lower.
Gold is moving closer to the $440 level while oil remains above the $60 level. Despite the Bank of England cutting rates yesterday the markets traded lower, albeit the FTSE’s (-0.32%) losses were smaller than that of the CAC (-1.00%) and DAX (-0.81%), after the European Central Bank left rates unchanged.
US stocks moved sharply lower, as is came to light that the higher oil price might be negatively affecting consumer spending on retail goods. The continued political turmoil in Japan is weighing the market lower while the Hang Seng are following in sympathy.
With the JSE continuously recording record levels the possibility of a correction becomes largest, as well as the size of the correction. The only question is, will the correction start today or in a few weeks.
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