Johannesburg - The JSE opened nearly a percent higher on Friday on the back of a strong performance from the US and lingering effects of the European Central Bank interest rate cut.
A local trader said: ?As
expected we've opened up. Good performance overnight from the US. For the
moment everything is looking quite good.?
By 09:12 local time, the JSE All Share [JSE:JSE:J203] index
had risen 0.83% with resources up 1.44% and platinum lifting 1.23%. Gold stocks
shed 0.11%, while banks improved 0.61%, financials generated 0.59%, and
industrials collected 0.47%.
The rand was bid at R7.84 to the dollar, from R7.87 at the
JSE's close on Thursday. Gold traded at $1 761.23 a troy ounce from $1
758.27/oz at the JSE's previous close, while platinum was at $1 635.70/oz, from
$1 634.20/oz previously.
Dow Jones Newswires reported that Asian stock markets
climbed on Friday, with financial and resources plays rallying as Greece's
prime minister dropped plans for a referendum on the country's aid package,
likely preventing the collapse of last week's eurozone bailout plan.
Investor confidence also received a boost from the European
Central Bank's unexpected decision on Thursday to cut interest rates.
Friday's US labour market report caps another wild week of
hot-cold impulses. Expectations are for October nonfarm payrolls to increase
100 000 and unemployment to remain at 9.1%. In recent months, gains in private
employment have been partially offset by losses in government jobs.
European bourses are tipped to edge higher at the start, with bunds and gilts mixed. While copper is higher, the euro is mixed and spot gold and oil futures are lower.