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Johannesburg - The JSE ended sharply higher on Tuesday, as firmer commodity prices and a weaker rand helped lift mining counters such as Anglo America [JSE:AGL]. The resources index surged just over 2%.
The rand targeted a sustained push above 6.80 against the dollar in afternoon trade on Tuesday as a result of risk aversion amid uncertainty in the market created by concerns of the fiscal state of the euro zone.
By 17:00 local time, the JSE All Share [JSE:J203] index advanced 1.51%, with resources firming 2.04%, platinum miners rising 0.57% and gold miners gaining 0.92%. Financials collected 1.49%, banks were up 1.59% and industrials added 1.07%.
The rand was bid at 6.76 to the dollar from 6.75 at the JSE's close on Monday. Gold was quoted at US$1 516.71 a troy ounce from US$1 508/oz at the JSE's previous close, while platinum was at $1 795.50/oz, from $1 791.50/oz previously.
Reassurances over the Greek debt woes and profit-taking also added to the positive mood, said Kevin Algeo, portfolio manager at Imara SP Reid.
Dow Jones Newswires reported that US stocks advanced on Tuesday as investors drew encouragement from Microsoft's US$8.5 billion deal for Skype Technologies and from signs of strength in the US economy and overseas.
The Dow Jones Industrial Average climbed 51 points, or 0.4%, to 12 736 in early trading.
Microsoft's deal for Skype boosted hopes for further consolidation among technology companies, although the Windows maker's stock shed 0.4% after announcing its most expensive deal ever. The company said its US$8.5bn buyout of Skype would boost products including Xbox, Kinect and Windows Phone.
Stocks stayed higher after data showing US wholesalers stockpiled goods in March as sales rose strongly, suggesting some improvement in an economy that slowed early this year. Overseas markets advanced as China's April trade surplus outstripped expectations. The figures were viewed as a positive for that country's economic growth.
"We continue to see M&A deals, buybacks and measures to boost shareholder value," Nick Kalivas, strategist and vice-president of financial research at MF Global. "The market continues to kind of hold technical levels, which is keeping people leaning positive."
The rand targeted a sustained push above 6.80 against the dollar in afternoon trade on Tuesday as a result of risk aversion amid uncertainty in the market created by concerns of the fiscal state of the euro zone.
By 17:00 local time, the JSE All Share [JSE:J203] index advanced 1.51%, with resources firming 2.04%, platinum miners rising 0.57% and gold miners gaining 0.92%. Financials collected 1.49%, banks were up 1.59% and industrials added 1.07%.
The rand was bid at 6.76 to the dollar from 6.75 at the JSE's close on Monday. Gold was quoted at US$1 516.71 a troy ounce from US$1 508/oz at the JSE's previous close, while platinum was at $1 795.50/oz, from $1 791.50/oz previously.
Reassurances over the Greek debt woes and profit-taking also added to the positive mood, said Kevin Algeo, portfolio manager at Imara SP Reid.
Dow Jones Newswires reported that US stocks advanced on Tuesday as investors drew encouragement from Microsoft's US$8.5 billion deal for Skype Technologies and from signs of strength in the US economy and overseas.
The Dow Jones Industrial Average climbed 51 points, or 0.4%, to 12 736 in early trading.
Microsoft's deal for Skype boosted hopes for further consolidation among technology companies, although the Windows maker's stock shed 0.4% after announcing its most expensive deal ever. The company said its US$8.5bn buyout of Skype would boost products including Xbox, Kinect and Windows Phone.
Stocks stayed higher after data showing US wholesalers stockpiled goods in March as sales rose strongly, suggesting some improvement in an economy that slowed early this year. Overseas markets advanced as China's April trade surplus outstripped expectations. The figures were viewed as a positive for that country's economic growth.
"We continue to see M&A deals, buybacks and measures to boost shareholder value," Nick Kalivas, strategist and vice-president of financial research at MF Global. "The market continues to kind of hold technical levels, which is keeping people leaning positive."
