Share prices on the JSE opened sharply higher on Friday morning,
supported by the continuing recovery on the Chinese markets and new
hopes of a deal with Greece.
However, the initial euphoria did not last long as investors decided to take a wait-and-see attitude. By mid-morning all the major indices were still higher than the previous day, but the gains at that stage were much more modest than earlier in the day.
It was unsure what would happen the rest of the day as the intraday graphs of most indices showed a distinct downward pattern.
The final outcome of the day’s trading will probably depend on what happens on Friday afternoon when Wall Street opens. Share prices of the major companies were also mostly higher, but lower than the levels reached earlier in the day.
The All-share index opened more than 500 points or over 1% higher on Friday morning, but by mid-morning the index was only 0.43% stronger at 51 675 points. The Top 40-index was at that stage only 0.44% stronger at 46 073 points.
The star performer was the Resources index, supported by marginal improvements in commodity prices. The index gained 1.23% and the Gold index was 0.67% higher, but still below the psychological level of 1 000 points.
When the market opened on Friday morning sentiment on world markets was positive, with the Asian markets higher. There was a firm upward move in US futures and the European markets were also decisively stronger.
The correction of the Chinese markets also continued on Friday and by mid-morning they were heading for the biggest two-year gain in history, as new support measures by the Chinese governments put an end to panic selling.
However, the initial euphoria did not last long as investors decided to take a wait-and-see attitude. By mid-morning all the major indices were still higher than the previous day, but the gains at that stage were much more modest than earlier in the day.
It was unsure what would happen the rest of the day as the intraday graphs of most indices showed a distinct downward pattern.
The final outcome of the day’s trading will probably depend on what happens on Friday afternoon when Wall Street opens. Share prices of the major companies were also mostly higher, but lower than the levels reached earlier in the day.
The All-share index opened more than 500 points or over 1% higher on Friday morning, but by mid-morning the index was only 0.43% stronger at 51 675 points. The Top 40-index was at that stage only 0.44% stronger at 46 073 points.
The star performer was the Resources index, supported by marginal improvements in commodity prices. The index gained 1.23% and the Gold index was 0.67% higher, but still below the psychological level of 1 000 points.
When the market opened on Friday morning sentiment on world markets was positive, with the Asian markets higher. There was a firm upward move in US futures and the European markets were also decisively stronger.
The correction of the Chinese markets also continued on Friday and by mid-morning they were heading for the biggest two-year gain in history, as new support measures by the Chinese governments put an end to panic selling.
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