The market's volatility has been huge and we've become oversold so the market was poised for a rally and needed some news and some trigger.
More Quotes from Ferdi Heyneke:
Gold has pulled back from its recent spike to around 505 an ounce while the rand has strengthened to 6.34 against the US dollar.Ferdi Heyneke
A lot of factors are positive for the sector, there's Christmas turnover, a stronger rand which means interest rates will remain as they are or even another cut as some people are suggesting.
Ferdi Heyneke
Impala is higher ahead of expected good results due in February, gains in other platinum stocks and the higher platinum price, coupled with the weaker rand.
Ferdi Heyneke
Local equity markets have run very hard, especially among the banks, financials, industrials and retailers since the start of the year. These stocks have been overbought and market players were today banking some profits. The JSE is off its worst levels, so there is support for the market.
Ferdi Heyneke
With this gold price heading towards 600, positive sentiment is driving the sector.
Ferdi Heyneke
The JSE is strong again, but it will stay volatile for the foreseeable future. The Dow was steady overnight, while the gold price moved back to 530oz. The market should pick up from next week as more people are at their desks.
Ferdi Heyneke
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