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JSE on the front foot in light trade

Johannesburg - The JSE firmed in midday trade on Friday, albeit in light trade following a futures close-out on Thursday which generated large volumes.

Resources led the way, with banking stocks in negative territory amid some profit taking.

A local trader noted thin volumes, following a futures close-out on Thursday. "There is not a lot of movement today, but resources appear to be supporting the market's gains.

"Financials are struggling a little bit, possibly as a result of some profit taking with FirstRand recently reporting some good results, among others."

He said that eyes would turn to the US in the afternoon session, to drive further direction for the remainder of the session.

By 12:00 local time, the JSE All-share [JSE:J203] index added 0.28% with resources collecting 0.68%, while gold gathered 0.56% and platinum miners were a tad firmer (0.06%).

Banks declined 0.82%, financials dipped 0.24%, but industrials gained 0.15%.

The rand was bid at 7.38 to the dollar, from 7.41 at the JSE's close on Thursday. Gold was trading at $1 776.51 a troy ounce from $1 776.18 at the JSE's previous close, while platinum was at $1 804.50/oz, from $1 783/oz previously.

Dow Jones Newswires reported that US stock markets were expected to open lower on Friday, as investors reassessed their initial reaction to Thursday's news of concerted central bank action to provide US dollar liquidity to Europe's troubled banks, said GFT.

"The first reaction was positive, but now there is a feeling that the coordinated move highlights just how serious the European banking crisis has become," it added.

GFT called the DJIA down 50 points at 11 378 points. Attention would turn to Friday's economic agenda, which included Treasury international capital flows data at 13:00 GMT and the University of Michigan confidence report at 13:55 GMT.

European stocks edged higher on Friday amid cautious hope that the meeting of European finance ministers in Poland may result in some more decisive action in tackling the European debt crisis.

Spanish Finance Minister Elena Salgado on Friday said the main goal of the meeting of finance ministers today and Saturday will be to "reinforce" efforts to calm market tensions, and ministers will be "trying to reinforce the mechanisms that we have to fight against this uncertainty in markets".

Salgado said she hopes to see a "clear response" to the situation in Greece.
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Rand - Dollar
18.93
-0.0%
Rand - Pound
23.90
+0.0%
Rand - Euro
20.40
+0.1%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.13
+0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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