Local stocks rally buoyed by global growth, metals

JOHANNESBURG – STOCKS on the JSE rose at to more than a one-month high on Friday, buoyed by precious metals after economic data from China and the US, two of the world’s largest economies, indicated a rebound in global growth.

The JSE All Share Index traded 1.26 percent higher to 68 687 index points, its highest level since March 11 as risk appetite was supported by strong economic numbers from both the US and China. The all share index closed at 67 812.15 points, up 1.1 percent, while the Top40 index closed at 62 084.39, points up 1.14 percent.

The precious metals and mining index rose more than 3 percent to 65 411 points as investors China and the US were showing signs of a quicker-than-expected recovery.

China on Friday posted its highest-ever recorded growth of 18.3 percent in the first quarter, accelerating sharply from a 6.5 percent growth in the fourth quarter.

At the same time, US retail sales jumped 9.8 percent in March as consumers use stimulus checks to spend heavily, while jobless claims dropped last week to a one-year low.

Source: iol.co.za