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JSE maintains gains in subdued session

Jul 03 2012 14:06 I-Net Bridge

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Johannesburg - The JSE maintained a positive tone at noon on Tuesday‚ in line with leading global stock markets.

At 12:09 local time‚ the JSE All Share [JSE:J203] index was up 0.43% to 33 796.28 points‚ with resources gaining 0.43% but gold shares dropped 1.80% and platinum counters slipped 0.32%.

Financials lifted 0.42%‚ with banking stocks up 0.35% and industrials firming 0.46%.

The rand was firmer at 8.11 to the US dollar‚ from 8.17 at the JSE’s close on Monday‚ while gold was at $1 608.78 a troy ounce from $1 598.06/oz at the JSE’s previous close and platinum was quoted at $1 473.50/oz‚ from $1 444/oz previously.

“There isn’t a lot of activity‚ judging by light volumes traded thus far‚ and this could partly be attributed to the limited trading session in the US today and public holiday tomorrow‚” said Ryan Wibberley‚ equity dealer‚ Investec Asset Management. “The mounting speculation that there will be some sort of stimulus measures from the European Central Bank (ECB) this week is temporarily providing some support to the market‚” added Wibberley.

European stocks also maintained their gains‚ with London’s FTSE 100 index up 0.38% at about noon SA time.

The ECB is expected to cut its main rate by 25 basis points‚ while investors are looking for the Bank of England to extend its bond-buying programme‚ Dow Jones Newswires reported. Both central banks meet this week.

Hope that policy makers would take action came after a series disappointing manufacturing data in Europe and US.

Market players will also keep their eyes on the US nonfarm payrolls report on Friday.

In Asia‚ Japan’s Nikkei ended the session 0.70% higher and the Hang Seng index finished 1.51% in the black.
jse  |  markets  |  stocks

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