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Johannesburg - Bargain hunting lifted the JSE at its opening on Tuesday, following a loss of more than 665 points over the
previous two days of trade.
A local dealer said improved sentiment in Asia also boosted the local bourse.
By 09:11 local time, the JSE all share index added 0.71%, with resources 1.09% firmer and platinum miners 0.90% stronger. Gold miners improved 0.96%.
Financials picked up 0.26%, banks eked out a marginal gain and industrials added 0.51%.
The rand was trading at R7.16 to the dollar, from R7.15 at the JSE's close on Monday. Gold was quoted at $1 338.64 a troy ounce from $1 328.30/oz at the JSE's previous close, while platinum was at $1 803/oz from $1 780.50/oz before.
"We are seeing a bit of bargain hunting this morning after a few stocks have come under pressure over the past few days, particularly in the construction sector - led by Aveng and Murray & Roberts. Sentiment in Asia is also helping.
"With a weaker rand and oil at $100 per barrel, resources are leading the way, with stocks like Sasol profiting.
"Economic data to watch includes Kagiso's PMI locally and ISM manufacturing data in the US later," she said.
Dow Jones Newswires reports that Asian stock markets were mostly higher on Tuesday, helped by receding worries over the unrest in Egypt, while shares in China were choppy after data painted a mixed picture of its manufacturing sector.
Japan's Nikkei Stock Average was up 0.4%, South Korea's Kospi Composite was up 0.2%, Hong Kong's Hang Seng Index tacked on 0.2% and China's Shanghai Composite rose 0.2%.
Although the worries from Egypt faded a little, "markets are still watching the unrest in Egypt closely as impacts are clearly being felt from higher oil and agricultural prices with growing concerns over supply disruptions and food hoarding", said Credit Agricole in a note to clients.
In China, the market was choppy amid mixed signals sent out by separate purchasing managers' index reports earlier in the day.
China's official PMI, published by the National Bureau of Statistics and the China Federation of Logistics and Purchasing, fell to 52.9 in January from 53.9 in December. But a competing PMI put out by HSBC Holdings showed a modest rise to 54.5 from 54.4 in December, suggesting that further policy tightening from Beijing remains on the cards.
The FTSE 100 is expected to open about 30 points higher on Monday at 5 892, tracking gains on Wall Street and Asian markets overnight as investors attempt to shrug off geopolitical fears over the situation in Egypt, says IG Markets. Still, crude prices continue to be pushed higher given Egypt's significance as a key transit point in the global oil distribution network.
Investors look to the flurry of economic data due on the first day of the month, with UK PMI manufacturing and mortgage approvals, both due at 09:30 GMT, followed by the eurozone unemployment rate at 10:00 GMT and US ISM manufacturing data at 15:00 GMT.
previous two days of trade.
A local dealer said improved sentiment in Asia also boosted the local bourse.
By 09:11 local time, the JSE all share index added 0.71%, with resources 1.09% firmer and platinum miners 0.90% stronger. Gold miners improved 0.96%.
Financials picked up 0.26%, banks eked out a marginal gain and industrials added 0.51%.
The rand was trading at R7.16 to the dollar, from R7.15 at the JSE's close on Monday. Gold was quoted at $1 338.64 a troy ounce from $1 328.30/oz at the JSE's previous close, while platinum was at $1 803/oz from $1 780.50/oz before.
"We are seeing a bit of bargain hunting this morning after a few stocks have come under pressure over the past few days, particularly in the construction sector - led by Aveng and Murray & Roberts. Sentiment in Asia is also helping.
"With a weaker rand and oil at $100 per barrel, resources are leading the way, with stocks like Sasol profiting.
"Economic data to watch includes Kagiso's PMI locally and ISM manufacturing data in the US later," she said.
Dow Jones Newswires reports that Asian stock markets were mostly higher on Tuesday, helped by receding worries over the unrest in Egypt, while shares in China were choppy after data painted a mixed picture of its manufacturing sector.
Japan's Nikkei Stock Average was up 0.4%, South Korea's Kospi Composite was up 0.2%, Hong Kong's Hang Seng Index tacked on 0.2% and China's Shanghai Composite rose 0.2%.
Although the worries from Egypt faded a little, "markets are still watching the unrest in Egypt closely as impacts are clearly being felt from higher oil and agricultural prices with growing concerns over supply disruptions and food hoarding", said Credit Agricole in a note to clients.
In China, the market was choppy amid mixed signals sent out by separate purchasing managers' index reports earlier in the day.
China's official PMI, published by the National Bureau of Statistics and the China Federation of Logistics and Purchasing, fell to 52.9 in January from 53.9 in December. But a competing PMI put out by HSBC Holdings showed a modest rise to 54.5 from 54.4 in December, suggesting that further policy tightening from Beijing remains on the cards.
The FTSE 100 is expected to open about 30 points higher on Monday at 5 892, tracking gains on Wall Street and Asian markets overnight as investors attempt to shrug off geopolitical fears over the situation in Egypt, says IG Markets. Still, crude prices continue to be pushed higher given Egypt's significance as a key transit point in the global oil distribution network.
Investors look to the flurry of economic data due on the first day of the month, with UK PMI manufacturing and mortgage approvals, both due at 09:30 GMT, followed by the eurozone unemployment rate at 10:00 GMT and US ISM manufacturing data at 15:00 GMT.
