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JSE follows eastern markets up

Johannesburg - The JSE was higher on Wednesday morning in line with eastern markets.

A local trader said: "It's been a very quiet start so far with little volume traded so far".

He said investors would look to Europe for further direction throughout the day. Mortgage application numbers and consumer credit data from the US might also have an influence on markets later in the day.

At 09:18 local time, the All Share [JSE:J203] index was up 0.61%. Gold shares led the gains up 2.02%, resources increased 0.88% and platinum rose 0.59%.

Industrials were 0.51% higher, financials lifted 0.23%, and banks edged up 0.16%.

The rand was bid at R7.96 to the dollar, from R8.05 at the JSE's close on Tuesday. Gold traded at $1 731.03 a troy ounce from $1 708.16/oz at the JSE's previous close, while platinum was quoted at $1 532.70/oz, from $1 03.50/oz at the previous close.

Dow Jones Newswires reported that Asian stock markets rose on Wednesday amid cautious optimism that eurozone leaders would deliver a comprehensive plan to contain the bloc's sovereign debt crisis, while stronger-than-expected third-quarter growth in Australia supported the Sydney market.

The regional mood was helped by a Financial Times report that European Union officials are discussing plans to possibly implement two separate bailout funds to tackle the debt woes, though few investors were willing to take large positions before an EU summit at the weekend.

Pinning their hopes on the summit, investors are likely to bid shares slightly higher to start on Wednesday.

 
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Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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