Johannesburg - The JSE ended decidedly firmer on
Wednesday, snapping a two-day losing streak, on fresh hopes that Greece
was on the verge of striking a deal with its creditors in return for a
At 17:00 local time, the JSE All Share [JSE:J203]
index was up 0.74% to
34 226.73 points, with the resource counters rallying 1.10%, while gold
index added 1.37% and platinum shares rose 0.54%.
Industrials lifted 0.52%, financials climbed 0.59%, and banks gained 0.46%.
The rand was trading at 7.55 to the dollar from 7.56 at the
JSE's close on Tuesday. Gold changed hands at $1 745.89 a troy ounce
from $1 723.82/oz at the JSE's previous close, while platinum was
quoted at $1 659.51/oz, from $1 621.02/oz before.
"The markets fared fairly well on the day. Concrete
developments calmed the markets. Renewed appetite for commodities helped
lift the resources sector," said Devin Shutte, market watcher at
US stocks opened flat on Wednesday as investors awaited the
resolution of Greek political negotiations over a debt-restructuring
deal that would allow the troubled European nation to avoid a default,
Dow Jones Newswires reports.
Pulling on the upside were consumer-discretionary and materials stocks, though bank stocks were also strong.
Faring worse were stocks in less economically-sensitive sectors, like utilities and health care.
European markets also gained ground amid those same hopes that Greece was close to reaching a debt-restructuring deal.
The Wall Street Journal reported that the European Central
Bank is ready to make key concessions regarding its Greek bond holdings
by exchanging its holdings with the European Financial Stability
Facility at a discounted price. This would help reduce Greece's debt
burden, which would smooth the path for the country to receive bailout
funds and avoid default.
Asian bourses were broadly higher, with China's Shanghai
Composite leading the way with a 2.4% gain after China's central bank
said it would help support first-time home buyers. Japan's Nikkei Stock
Average rose 1.1%.