Don turnaround is in, now "show me the money time.."
S.African All Share index ends at fresh high
11:17 a.m. Apr 06, 1998 Eastern
JOHANNESBURG, April 6 (Reuters) - South African stocks ended stronger on
Monday with the All Share index rising to yet another fresh high for the
fourth consecutive trading day.
The market was boosted by bullion, which hit a five-month high, raising
hopes for a turnaround for the troubled precious metal.
Dealers said the market had also received a boost from strong
international and domestic demand, expectations of more positive
economic data and bullish sentiment all round.
Turnover was a healthy 1.4 billion rand as the market boom continued.
The All Share index closed up 1.43 percent at 7,940.3 from Friday's
close at 7,828.0.
The firming bullion price pushed the all gold index up 9.97 percent to
971.0, giving gold shares a shine.
Industrials added 1.25 percent to 9,292.2 while the financials end up
0.56 percent to 14,493.3.
Dealers said they expected the market to continue its strong trend on
Tuesday, with the producer price index (PPI) data expected to inject
further positive sentiment into the market.
Analysts polled by Reuters forecast the producer price index, due for
release at 0900 GMT, would rise 3.1 percent year-on-year from January's
3.2 percent -- the lowest annual rate in over 27 years.
REUTERS LM CMR ^REUTERS@
Copyright 1998 Reuters Limited. |
