Johannesburg - The JSE extended gains on
Wednesday, finishing above the 31 000-point mark as hopes of a
resolution of the eurozone debt crisis continued to buoy investor
sentiment.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 1.06% to 31 129.95 points, with platinum miners up 0.96%, banks gained 0.49% and industrials lifted 0.80%. Financials were up 1%, while resources were 1.43% firmer.
Gold went up 1.01%.
The rand was bid at 7.78 to the dollar, from 7.90 at the JSE's close on Tuesday. Gold traded at $1 677.97 a troy ounce from $1 663.86 at the JSE's previous close, while platinum was at $1 544/oz, from $1 515.50/oz previously.
"The point of focus at the moment is still Europe. Market players are increasingly optimistic that the eurozone will find a sustainable solution to their debt problems," said Viv Govender, market watcher at Vunani Private Clients Services.
Dow Jones Newswires reported that US stocks pushed higher on Wednesday, boosted by expectations of a plan to recapitalise banks in the eurozone.
The broad gains in stocks, which pushed all 10 sectors of the S&P 500 into positive territory, overshadowed a shaky start to the third-quarter earnings reporting season.
Alcoa was the biggest decliner on the Dow, tumbling 4.7% after the blue-chip aluminum producer unofficially kicked off the third-quarter reporting season by missing earnings estimates. Revenues were higher than expected.
Europe reversed earlier losses to turn higher, with London's FTSE 100 up 0.99% to 5 449.25 points at the JSE close.
European Commission President Jose Manuel Barroso was expected to lay out plans to recapitalise European banks on Wednesday. In addition, Slovak lawmakers were regrouping to broker a deal that would remove the remaining obstacle to enhancing the eurozone's government bailout fund, after Slovakia's Parliament rejected the expansion of that fund late on Tuesday.
"There's been such a lack of confidence in policymakers over the last two to three months that the hurdle is pretty low - you get some progress in the right direction and the markets are going to respond favourably," said Jeff Layman, chief investment officer at BKD Wealth Advisors.
Asian bourses ended mixed with China's Shanghai Composite gaining 3%, but Japan's Nikkei Stock Average slipped 0.4%.
The Dow Jones Industrial Average gained 1.07% to 11 538.64 points.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 1.06% to 31 129.95 points, with platinum miners up 0.96%, banks gained 0.49% and industrials lifted 0.80%. Financials were up 1%, while resources were 1.43% firmer.
Gold went up 1.01%.
The rand was bid at 7.78 to the dollar, from 7.90 at the JSE's close on Tuesday. Gold traded at $1 677.97 a troy ounce from $1 663.86 at the JSE's previous close, while platinum was at $1 544/oz, from $1 515.50/oz previously.
"The point of focus at the moment is still Europe. Market players are increasingly optimistic that the eurozone will find a sustainable solution to their debt problems," said Viv Govender, market watcher at Vunani Private Clients Services.
Dow Jones Newswires reported that US stocks pushed higher on Wednesday, boosted by expectations of a plan to recapitalise banks in the eurozone.
The broad gains in stocks, which pushed all 10 sectors of the S&P 500 into positive territory, overshadowed a shaky start to the third-quarter earnings reporting season.
Alcoa was the biggest decliner on the Dow, tumbling 4.7% after the blue-chip aluminum producer unofficially kicked off the third-quarter reporting season by missing earnings estimates. Revenues were higher than expected.
Europe reversed earlier losses to turn higher, with London's FTSE 100 up 0.99% to 5 449.25 points at the JSE close.
European Commission President Jose Manuel Barroso was expected to lay out plans to recapitalise European banks on Wednesday. In addition, Slovak lawmakers were regrouping to broker a deal that would remove the remaining obstacle to enhancing the eurozone's government bailout fund, after Slovakia's Parliament rejected the expansion of that fund late on Tuesday.
"There's been such a lack of confidence in policymakers over the last two to three months that the hurdle is pretty low - you get some progress in the right direction and the markets are going to respond favourably," said Jeff Layman, chief investment officer at BKD Wealth Advisors.
Asian bourses ended mixed with China's Shanghai Composite gaining 3%, but Japan's Nikkei Stock Average slipped 0.4%.
The Dow Jones Industrial Average gained 1.07% to 11 538.64 points.