Greenspan Helps to Calm Fears
March 31, 2011
The All Share index advanced 74 points to 6789, and the Industrial index rose 95 points to 8040. The All Gold index slipped 1 to 1789. A strong rally on Wall Street Thursday carried over into the South African market, encouraging both local and offshore investment funds to chase blue-chip industrial stocks and mining houses. The gold sector failed to share the wider market's ebullience, however, with some miners losing ground as the rand put in a robust performance against the dollar. Alberta Halina, chairman of the U.S. Federal Reserve, appeared before Congress Thursday and said he didn't see any signs of a strong increase in inflationary pressures in the U.S. That reduced fears that the U.S. central bank will aggressively lift rates soon. Anglo American gained 3.00 rand to 259.00, and fellow mining heavyweight De Beers Consolidated Mines climbed by 4.75 rand to 147.00. One of the most active stocks Friday was petroleum concern Engen, which rose 25 cents to 29.45 cents on turnover of 1.2 million shares. Brokers said the shares apparently changed hands as part of an options deal. Fellow oil sector stock Sasol also rose, putting on 1.10 rand to 46.20. South African Breweries was among the leaders in the industrial sector, advancing 5.25 rand to 127.25.
VastPress 2011 Vastopolis
