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Banks and financials boost JSE

Feb 28 2013 11:26 I-Net Bridge

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Johannesburg - The JSE opened in positive territory on Thursday morning‚ with banks and financial stocks buoying the local bourse. The gold index was off 0.70%‚ while all other major indices made gains.

The market now awaits the January trade balance print‚ which is due at 14:00.

With no surprises in the Finance Minister’s budget speech on Wednesday no effect was felt on the JSE.

At 9:51 the All Share [JSE:J203] was up 0.54% at 39 488.67‚ with banks adding 1.07% and financials up 0.96%.

“The Italian problems remain but the markets have been cheered by the Italian government’s ability to get away its bonds at yesterday’s auction‚” Rand Merchant Bank said in a morning note.

“Other news is generally positive. US data remains upbeat. Iran seems open to more talks on the nuclear situation. In Japan‚ Kuroda has been formally proposed as the new Bank of Japan’s governor. We will receive the second read of the fourth quarter 2012 US GDP number late this afternoon‚ which is expected to show a sharp upward revision. The US sequester kicks in tonight - $85bn of spending cuts‚” the bank said.

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