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Johannesburg - The JSE remained mildly positive
in midday trade on Thursday, underpinned by a surge in gold counters
amid bargain hunting, while European benchmark stock market slipped into
negative territory on downbeat eurozone economic data.
At 12:02 local time, the JSE All Share [JSE:J203] index was up 0.18% to 34 091.18 points, with gold stocks rallying 3.43%, but platinum shares dipped 0.32% and resources were flat (0.09%).
Financials lifted 0.42%, banking stocks added 0.54% and industrials inched up 0.10%.
The rand was trading 7.75 to the US dollar, from 7.78 at the JSE's close on Wednesday. Gold was quoted at $1 647.94 a troy ounce from $1 637.99/oz at the JSE's previous close, while platinum was at $1 559/oz, from $1 550.20/oz at the previous session.
"Market participants interpreted the US Fed Chairman's commentary to mean possible additional quantitative easing, or QE3, which means dollar weakness, which is positive for gold shares. The rally in gold counters could also be ascribed to bargain hunting, given that they have been under pressure over the last while," said Nick Kunze, head of dealing at BJM Private Clients Services."
European equities turned lower after the European Commission's gauge of economic sentiment across the 17-nation eurozone fell to its lowest level since December, Dow Jones Newswires reported.
London's FTSE 100 index was 0.11% in the black to 5 725,46 points at noon local time.
US stock index futures also traded slightly lower, giving up early gains after a steeper-than-expected drop in a gauge of eurozone business confidence as investors prepare for a flood of earnings from some of corporate America's heaviest hitters and the latest tally of weekly jobless claims.
Earlier, Asian stock markets finished mostly higher as the Federal Reserve left the door open for more stimulus measures ahead, though many bourses retreated from session highs as investors digested a mixed bag of earnings reports.
Japan's Nikkei Stock Average ended flat, Hong Kong's Hang Seng Index rose 0.8% and the Shanghai Composite Index lost 0.1%.
At 12:02 local time, the JSE All Share [JSE:J203] index was up 0.18% to 34 091.18 points, with gold stocks rallying 3.43%, but platinum shares dipped 0.32% and resources were flat (0.09%).
Financials lifted 0.42%, banking stocks added 0.54% and industrials inched up 0.10%.
The rand was trading 7.75 to the US dollar, from 7.78 at the JSE's close on Wednesday. Gold was quoted at $1 647.94 a troy ounce from $1 637.99/oz at the JSE's previous close, while platinum was at $1 559/oz, from $1 550.20/oz at the previous session.
"Market participants interpreted the US Fed Chairman's commentary to mean possible additional quantitative easing, or QE3, which means dollar weakness, which is positive for gold shares. The rally in gold counters could also be ascribed to bargain hunting, given that they have been under pressure over the last while," said Nick Kunze, head of dealing at BJM Private Clients Services."
European equities turned lower after the European Commission's gauge of economic sentiment across the 17-nation eurozone fell to its lowest level since December, Dow Jones Newswires reported.
London's FTSE 100 index was 0.11% in the black to 5 725,46 points at noon local time.
US stock index futures also traded slightly lower, giving up early gains after a steeper-than-expected drop in a gauge of eurozone business confidence as investors prepare for a flood of earnings from some of corporate America's heaviest hitters and the latest tally of weekly jobless claims.
Earlier, Asian stock markets finished mostly higher as the Federal Reserve left the door open for more stimulus measures ahead, though many bourses retreated from session highs as investors digested a mixed bag of earnings reports.
Japan's Nikkei Stock Average ended flat, Hong Kong's Hang Seng Index rose 0.8% and the Shanghai Composite Index lost 0.1%.
