The JSE all-share index is trading 1.25% firmer as global markets rally after further central bank easing, this time from Australia and news that the new Greek Government is looking at alternative measures to meet the country’s debt obligations.
The resource index is leading today’s gains having added 3.52%%, while the industrial and financial indices have added 1.2% and 0.3% respectively.
Chart of the day
BHP Billiton is our chart of the day. The price looks to have broken out of an inverse head and shoulders pattern which suggests the short-term downtrend is now reversing. The height of the pattern projected predicts an upside target of R292 a share.
In company news, RCL Foods Limited released a trading statement in which it has guided that it expects earnings per share and headline earnings per share for the interim period to have increased by 2509% and 3378% respectively. The group’s interim results are scheduled for release on 18 February 2015.
The Rand is trading at R11.50 to the Dollar R13.03 to the Euro and R17.27 to the British Pound. In commodities Gold is trading at $1,281/oz., Platinum at $1,234/oz., and Brent Crude at $56/barrel.
On the economic front UK construction PMI data came in with an index reading of 59.1 well ahead of estimates which predicted 56.9. At 5pm we are expecting m/m Factory orders data out of the U.S.
BHP Billiton PLC (SA)
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