Greek bailout lifts markets, JSE

Johannesburg - The JSE opened higher on Wednesday as news of a bailout package for Greece continued to lift market sentiment.

At 09:17 local time, the JSE All Share [JSE:J203] index was up 0.24% to 34,224.81 points, with platinum miners adding 0.49%, and gold miners rising 0.48%.

Industrials were 0.29% higher, while resources added 0.26%, and banks gained 0.13%. Financials lifted 0.10%.

The rand was at R7.71 to the US dollar, unchanged from the JSE's close on Tuesday. Gold was quoted at $1 758.04 a troy ounce from $1 748.02/oz at the JSE's previous close, while platinum was at $1 701.50/oz, from $1 679.99/oz before.

Despite the Greek news boosting bourses, a local trader said market movements had been "fairly muted", and that these were now "less and less about Greece." He suggested that economic developments out of China, and US economic data were driving the market. He expected jobs data out of the US this week to move markets significantly.

Dow Jones Newswires reported that European stock markets might start mostly lower, with investors taking a circumspect view of the Greece bailout deal after so many fits and starts before. The euro was mixed, with oil futures and spot gold lower.

Greece's government submitted to parliament late on Tuesday a long-anticipated bill to implement a planned €100bn debt write-down, which foresees a controversial provision designed to strong-arm investors into the deal.

In Asia, stock markets were mixed as hopes China would further ease policy following soft manufacturing data were offset by general caution about Greece's future, despite an eleventh-hour rescue package to ease its debt burden.

The Nikkei rose 1.0%, the S&P/ASX was flat, the HSI gained 0.2%, the Kospi added 0.2%, the Taiex advanced 1.0%, the Sensex slid 0.3%, and the Shanghai Composite rose 0.7%.