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Johannesburg - The JSE rose in early trade on Wednesday, rebounding after a heavy sell-off on Tuesday. Recovering Asian stocks helped shore up the local bourse.
By 09:18 local time, the JSE all-share index was up 0.89%, with platinum miners rising 0.76%, resources firming 1.19% and gold counters gaining 0.35%. Industrials added 0.79%, financials were 0.46% higher and banks picked up 0.21%.
The rand was bid at R6.93 to the dollar from R6.94 at the JSE's close on Tuesday. Gold was quoted at $1 401.81 a troy ounce from $1 403.11/oz at the JSE's previous close, while platinum was at $1 692.50/oz from $1 708.00/oz before.
"We came off aggressively yesterday and now there is bargain-hunting," a trader said, adding: "We have had a couple of weak days."
Dow Jones Newswires reported that Asian stock markets were mostly higher on Wednesday, with the Tokyo market rebounding although it pared its morning gains as radiation levels again spiked at an earthquake-damaged nuclear complex.
"It appears that equity markets in the region have been hit so hard that they are oversold," said Martin Lakos, director at Macquarie Private Wealth. "But the markets are going to react to whatever news comes out of Japan. This is about risk aversion rather than fundamental values or the impact on global growth."
Japan's top government spokesperson said on Wednesday that radiation levels had again spiked at a smoking, quake-hit nuclear plant at about 01:00 GMT, but added that radiation levels fell shortly afterward and there was no need to expand the evacuation area around the plant based on current data. Additionally, a magnitude 6.0 aftershock struck Chiba prefecture, near Tokyo.
Japan's Nikkei Stock Average, which slumped 10.6% on Tuesday for its biggest one-day drop since October 2008, climbed 3.2%. Australia's S&P/ASX 200 was 0.7% higher and South Korea's Kospi Composite advanced 1.3%. Hong Kong's Hang Seng Index shed 0.4%, while China's Shanghai Composite gained 0.4%.
Dow Jones Industrial Average futures were down 17 points in screen trade.
By 09:18 local time, the JSE all-share index was up 0.89%, with platinum miners rising 0.76%, resources firming 1.19% and gold counters gaining 0.35%. Industrials added 0.79%, financials were 0.46% higher and banks picked up 0.21%.
The rand was bid at R6.93 to the dollar from R6.94 at the JSE's close on Tuesday. Gold was quoted at $1 401.81 a troy ounce from $1 403.11/oz at the JSE's previous close, while platinum was at $1 692.50/oz from $1 708.00/oz before.
"We came off aggressively yesterday and now there is bargain-hunting," a trader said, adding: "We have had a couple of weak days."
Dow Jones Newswires reported that Asian stock markets were mostly higher on Wednesday, with the Tokyo market rebounding although it pared its morning gains as radiation levels again spiked at an earthquake-damaged nuclear complex.
"It appears that equity markets in the region have been hit so hard that they are oversold," said Martin Lakos, director at Macquarie Private Wealth. "But the markets are going to react to whatever news comes out of Japan. This is about risk aversion rather than fundamental values or the impact on global growth."
Japan's top government spokesperson said on Wednesday that radiation levels had again spiked at a smoking, quake-hit nuclear plant at about 01:00 GMT, but added that radiation levels fell shortly afterward and there was no need to expand the evacuation area around the plant based on current data. Additionally, a magnitude 6.0 aftershock struck Chiba prefecture, near Tokyo.
Japan's Nikkei Stock Average, which slumped 10.6% on Tuesday for its biggest one-day drop since October 2008, climbed 3.2%. Australia's S&P/ASX 200 was 0.7% higher and South Korea's Kospi Composite advanced 1.3%. Hong Kong's Hang Seng Index shed 0.4%, while China's Shanghai Composite gained 0.4%.
Dow Jones Industrial Average futures were down 17 points in screen trade.
