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Johannesburg - The JSE was firmer at noon on
Thursday, with investors entering the market in search of bargains
following a three day selloff.
At 12:09 local time, the JSE All Share [JSE:J203] index was up 0.57% at 33 783.85 points, with gold miners picking up 0.24%, resources lifting 0.56%, while platinums shares lost 0.49%.
Financials were up 0.52%, banks added 0.55% and industrials climbed 0.64%
The rand was at 7.54 to the US dollar, from 7.66 at the JSE's close on Wednesday. Gold was quoted at $1 701.30 a troy ounce from $1 677.14 at the JSE's previous close, while platinum was at $1 643/oz, from $1 624/oz.
Portfolio manager at PSG Konsult, Drikus Combrinck, said that following three successive down days of trading in international markets before yesterday, "there has been a market correction and this has been met by new money".
Although there have been concerns about the Greek debt situation and the Chinese market, the selloff was "not particularly news driven but rather a technical selloff," Combrinck said.
After any small selloff of up to 5%, the market has a "bargain moment" when investors who have been waiting to enter the market get the chance to pick up cheaper shares, he said.
European stocks posted healthy gains on Thursday, as investors pinned their hopes on Greece's debt-swap deal going through, which would clear the way for the country to receive the second tranche of its bailout funds, Dow Jones Newswires reported.
London's FTSE 100 index was up 1.0% at 5 850.93 at noon local time.
News on Wednesday that a number of important European financial institutions had agreed to take part in Greece's debt swap boosted confidence that Greece would be able to pull off the deal.
The deadline to accept the Greek private-sector involvement offer is today.
Asian stock markets ended higher, with Tokyo, Shanghai and Hong Kong ending a three-day losing streak amid growing optimism about Greece's debt restructuring.
Japan's Nikkei Stock Average jumped 2.0%, Hong Kong's Hang Seng Index rose 1.3% and China's Shanghai Composite Index climbed 1.1%, with all three benchmarks rising for the first time this week.
At 12:09 local time, the JSE All Share [JSE:J203] index was up 0.57% at 33 783.85 points, with gold miners picking up 0.24%, resources lifting 0.56%, while platinums shares lost 0.49%.
Financials were up 0.52%, banks added 0.55% and industrials climbed 0.64%
The rand was at 7.54 to the US dollar, from 7.66 at the JSE's close on Wednesday. Gold was quoted at $1 701.30 a troy ounce from $1 677.14 at the JSE's previous close, while platinum was at $1 643/oz, from $1 624/oz.
Portfolio manager at PSG Konsult, Drikus Combrinck, said that following three successive down days of trading in international markets before yesterday, "there has been a market correction and this has been met by new money".
Although there have been concerns about the Greek debt situation and the Chinese market, the selloff was "not particularly news driven but rather a technical selloff," Combrinck said.
After any small selloff of up to 5%, the market has a "bargain moment" when investors who have been waiting to enter the market get the chance to pick up cheaper shares, he said.
European stocks posted healthy gains on Thursday, as investors pinned their hopes on Greece's debt-swap deal going through, which would clear the way for the country to receive the second tranche of its bailout funds, Dow Jones Newswires reported.
London's FTSE 100 index was up 1.0% at 5 850.93 at noon local time.
News on Wednesday that a number of important European financial institutions had agreed to take part in Greece's debt swap boosted confidence that Greece would be able to pull off the deal.
The deadline to accept the Greek private-sector involvement offer is today.
Asian stock markets ended higher, with Tokyo, Shanghai and Hong Kong ending a three-day losing streak amid growing optimism about Greece's debt restructuring.
Japan's Nikkei Stock Average jumped 2.0%, Hong Kong's Hang Seng Index rose 1.3% and China's Shanghai Composite Index climbed 1.1%, with all three benchmarks rising for the first time this week.
