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Johannesburg - The JSE made early gains in morning trade on Monday, spurred by positive intent shown by European ministers to address the debt crisis in the eurozone at a G20 meeting in Paris over the weekend.
By 09:10 local time, the JSE All Share [JSE:J203] index improved 0.81%. Gold gathered 1.71%, while platinum miners generated 1.37%, along with resources, 1.07%. Financials rose 0.77%, banks landed 0.69%, and industrials lifted 0.56%.
The rand was bid at R7.80 to the dollar, from R7.85 at the JSE's close on Friday. Gold traded at $1 682.36 a troy ounce from $1 671.60/oz at the JSE's previous close, while platinum was at $1 548.50/oz, from $1 551.70/oz previously.
A dealer said that the local market was taking direction from follow through on US trade on Friday and in overnight trade in Asia. He noted that a group of G20 ministers highlighted October 23 as a date to address the European debt crisis, and hopefully avoid a European economic meltdown.
Dow Jones Newswires reported that European stock markets were seen higher on Monday, helped by gains across Asian markets as investors responded positively to news that European leaders vowed to their group of 20 partners at the weekend to take swift and decisive action on tackling the debt crisis.
Finance ministers and central bankers from the G20 industrial and developing economies, after concluding their gathering on Saturday, said they expected an October 23 meeting of European leaders "to decisively address the current challenges through a comprehensive plan."
Markets had largely viewed policy makers as two steps behind the European sovereign debt crisis but confidence in their ability was perking up as it appeared they were finally getting to grips with the crisis and bringing it to a conclusion, said Jonathan Sudaria, dealer at Capital Spreads.
"Although thin on details, the G20 communique has built up expectations that by this weekend's European Council summit, the 'comprehensive plan' will be finalised and a solid line will be drawn in the sand," he added.
Asian markets responded strongly on Monday to the G20 meeting over the weekend. Japan's Nikkei Stock Average was up 1.5%, Australia's S&P/ASX 200 rose 1.7%, while South Korea's Kospi Composite advanced 1.3% and Hong Kong's Hang Seng was 1.2% higher.