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ohannesburg - After a tentative open‚ the JSE gathered some steam at noon on Tuesday‚ tracking leading European share markets.
At 12:03 local time‚ the JSE All Share [JSE:J203] index was up 0.43% at 34 076.74 points‚ with resources gaining 0.65%‚ gold shares lifting 1.70% and platinum counters climbing 0.74%.
Financials firmed 0.44%‚ banking stocks garnered 0.55% and industrials edged up 0.29%.
The rand strengthened to 8.19 to the US dollar‚ from 8.26 at the JSE’s close on Monday‚ while gold changed hands at $1 593.48 a troy ounce from $1 587.88/oz at the JSE’s previous close and platinum was quoted at $1 445.50/oz‚ from $1 448.50/oz previously.
“I find it peculiar that we have recovered half of the previous day’s losses‚ given that it is difficult to find any encouraging news‚” said David Shapiro‚ director at Sasfin Securities. “I’m concerned about the quality of second quarter corporate earnings we might have from the US and that is going to be fairly important in terms of market sentiment.”
European stocks also picked up pace after opening broadly flat‚ with London’s FTSE 100 index up 0.77% just before noon local time.
Traders put the sudden rally down to talk that the eurozone leaders had agreed on how Spain's banks bailout would be conducted. As a result‚ Spain's 10-year government bond yield fell further and the euro climbed against the dollar‚ Dow Jones Newswires reported.
On other hand‚ Chinese Premier Wen Jiabao said on Tuesday the government's main task currently was to promote investment‚ signalling that Beijing now sees supporting growth as taking priority over its long-term objective to alter the country's growth model.
In Asia‚ Japan’s Nikkei average ended the session 0.44% weaker‚ while the Hang Seng index was down 0.16% by the close.
At 12:03 local time‚ the JSE All Share [JSE:J203] index was up 0.43% at 34 076.74 points‚ with resources gaining 0.65%‚ gold shares lifting 1.70% and platinum counters climbing 0.74%.
Financials firmed 0.44%‚ banking stocks garnered 0.55% and industrials edged up 0.29%.
The rand strengthened to 8.19 to the US dollar‚ from 8.26 at the JSE’s close on Monday‚ while gold changed hands at $1 593.48 a troy ounce from $1 587.88/oz at the JSE’s previous close and platinum was quoted at $1 445.50/oz‚ from $1 448.50/oz previously.
“I find it peculiar that we have recovered half of the previous day’s losses‚ given that it is difficult to find any encouraging news‚” said David Shapiro‚ director at Sasfin Securities. “I’m concerned about the quality of second quarter corporate earnings we might have from the US and that is going to be fairly important in terms of market sentiment.”
European stocks also picked up pace after opening broadly flat‚ with London’s FTSE 100 index up 0.77% just before noon local time.
Traders put the sudden rally down to talk that the eurozone leaders had agreed on how Spain's banks bailout would be conducted. As a result‚ Spain's 10-year government bond yield fell further and the euro climbed against the dollar‚ Dow Jones Newswires reported.
On other hand‚ Chinese Premier Wen Jiabao said on Tuesday the government's main task currently was to promote investment‚ signalling that Beijing now sees supporting growth as taking priority over its long-term objective to alter the country's growth model.
In Asia‚ Japan’s Nikkei average ended the session 0.44% weaker‚ while the Hang Seng index was down 0.16% by the close.
