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JSE edges up at open‚ platinums lead

Feb 07 2013 10:35
I-Net Bridge
Johannesburg - The JSE edged up at the start of trading on Thursday‚ underpinned by relatively strong demand for platinum stocks‚ as market players looked to Europe for further guidance.

At 9:41 the JSE All Share [JSE:J203] index was up 0.17% at 40 629.05‚ with the Top 40 - (Tradeable) index [JSE:J200] nudging up 0.18% to 36 221.98 while the platinum index gained 0.89%.

“The focus today will be on Europe‚ given the release of key German data‚ a major Spanish bond auction and‚ above all‚ the ECB (European Central Bank) policy decision and press conference‚” RMB analysts in a note.

“Expectations are that the ECB will tone down its statement‚ reopening the way for another rate cut later this year. Markets will also be looking whether any comments are made over the strong euro‚” the analysts said.

Leading Asian markets were generally lower on Thursday‚ with Japan’s Nikkei 225 losing 0.93%. On the JSE‚ Impala Platinum (IMP) was up 1% to R165.42 and Royal Bafokeng (RBP) gained 1.84% to R59.07. ArcelorMittal SA (ACL) lost 1.18% to R36.02 and AECI (AFE) shed 1.61% to R84.23.

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