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JSE edges up in cautious trade

Jul 17 2012 11:31 I-Net Bridge

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Johannesburg - The JSE edged up in the opening session on Tuesday‚ in cautious trade ahead of the US Federal Reserve chairperson Ben Bernanke’s congressional hearing.

Equity markets will be looking for any hints on possible additional monetary easing.

At 09:21 local time‚ the JSE All Share [JSE:J203] index was up 0.16% at 33‚781.02 points‚ with gold miners gaining 0.40%‚ platinum shares nudging up 0.23% while resources counters were flat (0.01%.)

Financials lifted 0.22%‚ banking stocks rose 0.54% and industrials were 0.26% in the black.

The rand was trading at R8.18 to the US dollar‚ from R8.22 at the JSE’s close on Monday‚ while gold changed hands at $1 593.32 a troy ounce from $1 591.69/oz at the JSE’s previous close and platinum was quoted at $1 426.50/oz‚ from $1 417.50/oz previously.

“Aside from Fed chairperson Ben Bernanke’s congressional hearing‚ markets will keep their eyes on US corporate earnings data today‚” said Francois du Plessis‚ director at Vega Asset Management.

European stocks started off slightly higher‚ but the London’s FTSE 100 was flat.

In Asia‚ stock markets were mostly higher‚ with Japan’s Nikkei average ending the session up 0.35%‚ while the Hang Seng index was up 1.62% by 09:21 SA time.

Dow Jones Newswires reported that not all commentators were convinced Bernanke would signal further stimulus measures‚ citing RBC Capital Markets. “The Federal Open Market Committee minutes provided little clarity about the prospects for additional easing on August 1‚ and as such Bernanke would need to give a stronger signal today if that were the plan. If he does not‚ RBC will push out the timing of QE3 from August to September.”

 
jse  |  markets
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