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Banks lead JSE higher at open

Jun 18 2013 10:37
I-Net Bridge

Johannesburg - The JSE lifted in the opening session on Tuesday‚ led by banking and financial stocks‚ while gold miners lagged on a slightly weaker gold spot.

At 9:38‚ the All Share [JSE:J203] index was up 0.67% at 40 593.78 points‚ with banking and financial indices notching up 1.36% and 1.08% respectively‚ but the gold index slipped 0.73%.

“We anticipate a fairly cautious trade ahead of a two-day US central bank policy meeting. In the meantime‚ our markets playing catch-up with their global counterparts after a public holiday‚” said Devin Shutte‚ a trader at Newstrading.

Leading European markets were mixed in early trade‚ with the London’s FTSE 100 index flat‚ but Japanese Nikkei 225 closed 2.53% firmer.

“The markets are desperate for more detail on tapering: when and how aggressively the US Fed will slow its monetary expansion programme‚” wrote RMB analysts in a note.

“This is unlikely to be set out perfectly‚ but the markets will grasp at any sign they can. If there is a consensus‚ it’s that (Fed chairman Ben) Bernanke will try to calm down some of the volatility that he set off with his initial tapering comment late last month. 

"This would include emphasising gradualism and the data dependence of any action.”

Among individual shares on the JSE‚ Northam Platinum (NHM) retreated 2.52% to R35.53 and Harmony Gold (HAR) gave up 2.85% to R37.53

SABMiller (SAB) was up 1.80% to R508‚ while Standard Bank (SBK) gained 2.56% to R108.15. 

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