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Johannesburg - The JSE opened
higher on Thursday in line with main European markets following the previous
day's selloff on worries about the eurozone.
At 09:21 local time the JSE
All Share [JSE:J203] index was up 0.46% to 33 121.35
points with resources recovering 0.73% gold counters rallying 2.10% while
platinums counters slipped 0.18%.
Financials edged up 0.18% banking
stocks garnered 0.21% and industrials were 0.39% in the black.
The rand was trading at R8.49 to the US dollar from R8.48 at the JSE's close on Wednesday while gold was quoted at
$1 563.15 a troy ounce from $1 551.05/oz at the JSE's previous close and
platinum recovered to $1 405.70/oz from $1 395.70/oz at the previous
session.
"I wouldn't read too
much into this bounce. It is short term volatility playing on investors' minds.
The fundamentals in the eurozone still remain weak" said Devin Shutte a
trader at stockbrokerage Newstrading.
The all-share index has shed 3.79% since the start of this
month with general resources the worst performing
sector: Gold shares have lost 12.62% platinums 12.07% and resources 6.83%.
European markets opened firmer despite
weaker opening calls. UK's FTSE had lifted 0.55% by 09:06 local time.
However Asian markets
were lower on concerns over the health of the Spanish banking system with
Japan's Nikkei close to losing all the gains it has made so far this year.
The sell-off came as the Spanish government said it would
auction treasury bonds to raise cash for the bailout of beleaguered local bank Bankia.
Japan's Nikkei was down 1.05% and Hong Kong's Hang Seng Index lost 0.54%.
