Johannesburg - The JSE was higher on Monday afternoon with
banks providing most of the upside after a poor previous week‚ and platinums
providing also some upside to the bourse with some brave investors coming back
into the sector; all the indices were trading in the black at noon local time.
At 12:30pm‚ the JSE All Share [JSE:J203] index was up 0.52%‚
at 36‚975.16 points‚ with platinums surging 1.51% and banks 0.95% firmer.
“We had a bit of a sell-off in the overall market on Friday
we have come back a bit today. Banking counters were down last week because of
the weaker rand‚ and we are seeing bargain hunting in this sector today. The
banking counters are also trading higher because of a stronger rand‚” said
Kevin Algeo‚ portfolio manager at Imara SP Reid.
“Platinum counters are stronger due to receding strike
action and negative sentiment in the sector not escalating‚” he added.
Dow futures were last seen 50 points higher and that should
lead to a stronger Dow Jones opening‚ which would provide further upside in our
Main European markets were also higher‚ with the London FTSE
100 last seen up 0.14%; major eastern markets closed in the black.