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JSE follows world markets higher

Johannesburg - The JSE opened higher on Thursday in line with most global stocks amid some positive news out of Europe.

A local trader also attributed the higher trading to "artificial positioning" ahead of futures close out later on Thursday, as well as the sale of Spanish debt later. He noted US markets were likely to open weaker.

By 09:18 local time, the JSE All Share [JSE:JSE:J203] index added 0.79%, led by a 0.87% rise in platinum miners, and a 0.86% rise in resources. Industrials gained 0.82%, while financials lifted 0.60%. Banks were flat (0.03%), as was gold (0.02%).

The rand was bid at R7.43 to the dollar, from R7.38 at the JSE's close on Wednesday. Gold was trading at $1 808.07 a troy ounce from $1 823.40 at the JSE's previous close, while platinum was at $1 791/oz, from $1 813.50/oz previously.

Dow Jones Newswires reported that European stocks were seen opening higher on Thursday after a strong session in Asia where investors were boosted by French and German assurances that Greece would not be allowed to default on its debt.

"Markets are once again warming to the eurozone with French and German assurances that they simply won't let Greece tumble out of the eurozone," said Chris Weston of IG Markets. However, "details of the ongoing support from better capitalised members of the eurozone does rely on Greece successfully implementing the reform plans."

IG Markets called London's FTSE 100 index to open up 47 points at 5 274, Frankfurt's DAX 28 points higher at 5 400, and the CAC-40 in Paris to advance 24 points to 2 973.

After a conference call with Greek Prime Minister George Papandreou, German Chancellor Angela Merkel and French President Nicolas Sarkozy said they were "convinced that the future of Greece is in the eurozone".

In Asia earlier on Thursday, most stock markets posted healthy gains. Japan's Nikkei Stock Average closed up 1.8%, Australia's S&P/ASX 200 added 1.7% and South Korea's Kospi Composite gained 1.4%.

In the US, the Dow Jones Industrial Average rose 140.88 points, to 11 246.73 Wednesday.
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Rand - Dollar
18.89
+0.2%
Rand - Pound
23.84
+0.3%
Rand - Euro
20.38
+0.3%
Rand - Aus dollar
12.31
+0.3%
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%
All JSE data delayed by at least 15 minutes Iress logo
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