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Johannesburg - The JSE closed modestly higher in trading characterised by light volumes on Thursday, with investors fixated on locking up profits ahead of the Easter weekend.
By 17:00 local time, the JSE All Share [JSE:J203] index rose 0.41%, with resources firming 0.52% and platinum miners gaining 1.33%. Banks also found 0.31%, financials added 0.41% and industrials were up 0.29%.
The rand was bid at 6.69 to the dollar from 6.77 at the JSE's close on Wednesday. Gold was quoted at US$1 505.86 a troy ounce from US$1 504.84/oz at the JSE's previous close, while platinum was at $1 819.00/oz, from $1 805.00/oz previously.
A dealer said strong commodity prices helped provide support to some of the mining counters and added that the local market remained firmer despite disappointing economic data from the US. "Following strong gains in the past few days, a small correction is due," he said.
Dow Jones Newswires reported that US stocks pared much of their morning gains on Thursday after a disappointing reading of manufacturing activity in the Philadelphia area dented enthusiasm over a round of robust earnings reports.
Wobbling between small gains and losses, the Dow Jones Industrial Average edged up 7 points, or 0.1%, at 12 460 in morning trading.
Weighing on the Dow, Verizon Communications slid 2.3% after its first-quarter profit more than tripled, but its average revenue per user grew by less than analysts expected.
A rush of better-than-expected earnings from bellwether companies helped the market extend its gains this week. On Wednesday, the Dow closed at its highest level in nearly three years, fuelled by first-quarter earnings beats from blue-chip technology companies.
But US economic data eroded some of the market's confidence in the recovery. The Federal Reserve Bank of Philadelphia's regional business index was 18.5 in April, falling below analysts' estimates for a 35.0 reading. Separately, the number of weekly jobless claims declined, but by less than expected, and the previous week's figures were revised up.
By 17:00 local time, the JSE All Share [JSE:J203] index rose 0.41%, with resources firming 0.52% and platinum miners gaining 1.33%. Banks also found 0.31%, financials added 0.41% and industrials were up 0.29%.
The rand was bid at 6.69 to the dollar from 6.77 at the JSE's close on Wednesday. Gold was quoted at US$1 505.86 a troy ounce from US$1 504.84/oz at the JSE's previous close, while platinum was at $1 819.00/oz, from $1 805.00/oz previously.
A dealer said strong commodity prices helped provide support to some of the mining counters and added that the local market remained firmer despite disappointing economic data from the US. "Following strong gains in the past few days, a small correction is due," he said.
Dow Jones Newswires reported that US stocks pared much of their morning gains on Thursday after a disappointing reading of manufacturing activity in the Philadelphia area dented enthusiasm over a round of robust earnings reports.
Wobbling between small gains and losses, the Dow Jones Industrial Average edged up 7 points, or 0.1%, at 12 460 in morning trading.
Weighing on the Dow, Verizon Communications slid 2.3% after its first-quarter profit more than tripled, but its average revenue per user grew by less than analysts expected.
A rush of better-than-expected earnings from bellwether companies helped the market extend its gains this week. On Wednesday, the Dow closed at its highest level in nearly three years, fuelled by first-quarter earnings beats from blue-chip technology companies.
But US economic data eroded some of the market's confidence in the recovery. The Federal Reserve Bank of Philadelphia's regional business index was 18.5 in April, falling below analysts' estimates for a 35.0 reading. Separately, the number of weekly jobless claims declined, but by less than expected, and the previous week's figures were revised up.
