The JSE rallied yesterday with resources benefiting the most from China's announcement that it was considering to make its exchange rate more flexible.
At the close, the JSE all share index rose 0.96% with resources 2.16% firmer. Platinum rose 2.91%, but gold lost 0.92%. Banks moved 0.24% higher, financials edged up 0.22% and industrials ticked 0.13% firmer. The South African rand gained strength on improved risk appetite amid higher commodity prices.
Dow Jones Newswires reported that US stocks broadly rallied today as China pledged to make its exchange rate more flexible, which boosted expectations of a strengthening global economy.
Asian stocks were sharply higher on Monday, while regional currencies and the euro rose against the US dollar. Japan's Nikkei Stock Average gained 2.4%, South Korea's Kospi advanced 1.6% and Taiwan's Taiex rose 1.9%.
http://www.businessday.co.za/articles/Content.aspx?id=112389
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