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The local market ended the week on a high note, rising to 59 335.90 points by close of business on Friday. Gains were supported by platinum miners and banks. At the close of trade, the All Share was 1.01% in the green.
US indices opened on a high on Friday as robust US job growth in April pointed to a solid US economy and the steady wage growth supported the US Federal Reserve Bank’s (Fed) call regarding interest rates. Shortly after the JSE closed, the Dow was 0.45% up.
On Friday, European markets made up losses from Thursday due to the strong performances by Adidas and HSBC as well as the increase in US jobs data. At the end of trade, the STOXX 600 was 0.39% higher.
It was mainly a quiet trading day on Friday as Chinese markets were closed for a public holiday, but the Hang Seng rose on the back of HSBC Holdings outperforming its earnings estimates. The Hang Seng closed up 0.47%.
Markets were closed due to a public holiday.
On Friday, the local currency had the biggest growth spurt of all emerging market currencies based on the weaker-than-expected US wage growth and speculation that the Fed will not raise interest rates soon. At 17h50, the rand traded R14.39 against the dollar, R16.09 against the euro and R18.91 against the pound.
Gold prices climbed on Friday, almost reaching its biggest daily rise in two months, due to the dollar retreating. At 17h50, spot gold was trading at $1 280.34 an ounce.
Although it climbed somewhat on Friday, crude prices ended the week lower. The price was boosted by positive US jobs data and the sanctions on Iran and Venezuela tightened oil production. At 17h50, Brent crude was trading at $71.63 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer