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Johannesburg - The JSE traded in positive
territory at midday on Wednesday after news of temporary financial
assistance to European banks lifted market sentiment.
A local trader said that although the JSE opened sharply lower, it had since rallied after the European Central Bank announced it would intervene in the banking sector and lend to European banks on a 7-day short term facility to provide banks with "overnight funding".
By 12:05 local time, the JSE All Share [JSE:J203] index had risen 0.95% to 30 319.28 points. Gold was up 1.95%, while platinum miners were 1.38% higher, and banks were up 1.27%. Resources added 1.20%, industrials rose 0.82%, and financials garnered 0.74%.
The rand was bid at 7.37, from 7.33 at the JSE's close on Tuesday. Gold was trading at $1 831.37 a troy ounce from $1 822.05 at the JSE's previous close, while platinum was at $1 806/oz, from $1 806.50/oz previously.
Dow Jones Newswires reported that European stocks edged higher early on Wednesday, amid renewed hope that the beleaguered peripheral countries of the eurozone could still get external help in financing their hefty debt piles.
By 11:50 local time, London's FTSE 100 index was 0.6% higher at 5206.54.
Frankfurt's DAX was earlier 0.3% higher at 5178.27, and the CAC-40 index in Paris had gained 0.5% to 2908.17.
Central to the positive tone on Wednesday was a report quoting an official from China's economic planning agency stating that the super power was willing to buy bonds of the crisis-hit nations.
Market participants had been hoping China could use some of its foreign-exchange reserves to boost investment in European assets, including the sovereign debt of the so-called peripheral nations.
A local trader said that although the JSE opened sharply lower, it had since rallied after the European Central Bank announced it would intervene in the banking sector and lend to European banks on a 7-day short term facility to provide banks with "overnight funding".
By 12:05 local time, the JSE All Share [JSE:J203] index had risen 0.95% to 30 319.28 points. Gold was up 1.95%, while platinum miners were 1.38% higher, and banks were up 1.27%. Resources added 1.20%, industrials rose 0.82%, and financials garnered 0.74%.
The rand was bid at 7.37, from 7.33 at the JSE's close on Tuesday. Gold was trading at $1 831.37 a troy ounce from $1 822.05 at the JSE's previous close, while platinum was at $1 806/oz, from $1 806.50/oz previously.
Dow Jones Newswires reported that European stocks edged higher early on Wednesday, amid renewed hope that the beleaguered peripheral countries of the eurozone could still get external help in financing their hefty debt piles.
By 11:50 local time, London's FTSE 100 index was 0.6% higher at 5206.54.
Frankfurt's DAX was earlier 0.3% higher at 5178.27, and the CAC-40 index in Paris had gained 0.5% to 2908.17.
Central to the positive tone on Wednesday was a report quoting an official from China's economic planning agency stating that the super power was willing to buy bonds of the crisis-hit nations.
Market participants had been hoping China could use some of its foreign-exchange reserves to boost investment in European assets, including the sovereign debt of the so-called peripheral nations.
