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JSE gains steam as miners lead

Johannesburg - The JSE was decidedly firmer at noon on Friday, as mining stocks led the upside. The local exchange started the session on a tentative note, with no real direction.

Ian Cruickshanks, market watcher at Nedbank Capital, said market players would turn their attention to the two-day Group of 20 finance ministers and central bankers meeting, which starts in France today.

By 12:11 local time, the JSE All Share [JSE:J203] index took was up 1.04% to 31 155.42 points. Gold picked up 1.60%, while platinum miners gained 1.53%. Resources rallied 2.20%, financials edged up 0.36%, banks were flat (-0.02% and industrials lifted 0.43%.

The rand was trading at 7.87 to the dollar, from 7.90 at the JSE's close on Thursday. Gold traded at $1 675.95 a troy ounce from $1 662.03/oz at the JSE's previous close, while platinum was at $1 546.20/oz, from $1 532.70/oz previously.

"It has been a fairly positive week on balance for the equity markets, but my main concern is that the rally was on low volumes, which raises the question of sustainability," said Cruickshanks.

Dow Jones Newswires reported that European stocks oscillated between small gains and losses on Friday.

Jean-Claude Juncker, head of the eurozone finance ministers and prime minister of Luxembourg, said Europe must recapitalise its banks where needed, but banks must be assessed individually. His comments followed those of Deutsche Bank chief executive Josef Ackermann, who cautioned on Thursday that a credit crunch could occur if Europe's leaders impose higher capital level requirements for banks and big haircuts on sovereign debt.

Similarly, many analysts warned the recapitalisation of banks, as proposed by European Commission President Jose Manuel Barroso, may not be enough to stem contagion risks in Europe.

London's FTSE 100 was 1.18% firmer at 5 466.93 points.

Earlier, Asian stock markets were mostly lower Friday as a modest slowing in Chinese inflation failed to kindle a rebound amid fresh concerns over regional economic growth and euro-zone debt.
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Rand - Dollar
19.07
-0.8%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.55
-0.4%
Rand - Aus dollar
12.37
-0.1%
Rand - Yen
0.13
-0.8%
Platinum
890.97
-0.7%
Palladium
988.99
-1.3%
Gold
2,196.11
+0.1%
Silver
24.43
-0.9%
Brent Crude
86.09
-0.2%
Top 40
67,857
+0.3%
All Share
74,039
+0.2%
Resource 10
56,172
+0.9%
Industrial 25
103,559
+0.3%
Financial 15
16,472
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
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