JSE All share hits record high

Johannesburg - The All Share [JSE:J203] index booked its third straight record closing high on Thursday, edging up 0.11% as Standard Bank and other major lenders were lifted by a global rally in banking shares.

The benchmark Top 40 - (Tradeable) [JSE:J200] index posted its highest close in 11 months.

South African stocks have risen 5% so far this year, after a flat 2011, but that has been enough to push the All-share - the widest measure of South African stock performance - to its highest on record.

"Going forward, Europe events will dictate market direction. It looks like banks and resource stocks will be attracting attention but the market will still follow global trends," said Devin Shutte, a trader at brokerage Newstrading.

The All-share finished up 0.11% at 33 586.15, its highest close on record. During the session it hit a record intraday high of 33 656.37.

The benchmark Top 40 closed up 0.13% at 30 007.86, its highest finish since February.

Banks were the major driver, following encouraging results from US financials including Goldman Sachs and Bank of America.

Sentiment was also helped by news the International Monetary Fund would seek to more than double its war chest by raising $600bn to help countries deal with fallout from the debt crisis.

Source: Fin24.com
Tags: JSE all share,JSE index, news JSE

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