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JSE lifted by US, ECB rate cut

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.

 
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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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