Johannesburg - The JSE stayed slightly firmer in quiet trade at noon on Monday, with resources stocks contributing much of the gains on the first day of trade in 2011.
By 12:00 local time the JSE all share index was up 0.134, with platinum miners gaining 0.62%, resources rising 0.70% and gold miners firming 0.81% gain. Financials added 0.25%, banks were up 0.33% and industrials made 0.12% gains.
The rand was bid at 6.63 to the dollar from 6.64 at the JSE's close on Friday. Gold was quoted at US$1 419.57 a troy ounce from US$1 409.69/oz at the JSE's previous close, while platinum was at $1 779.50/oz from $1 758.20/oz before.
One trader said commodity prices were bullish, with copper hitting new record highs. Other commodities like crude oil, gold and palladium looked strong, the trader said.
Another trader said earlier that most global markets, including London and Tokyo, were closed. "I don't think we are going to see significant volumes today and even for the rest of the week," the trader said. Volumes may start picking up from next week.
Dow Jones Newswires reports that Asian stock markets kicked off the year with a healthy start, rising across the board on hopes the global economic recovery will continue in 2011.
"In the first half of 2011, I expect the US stocks to continue to do well on the economic recovery there, which should bode well for Asian stocks. However, the (US) recovery is expected to be anemic and, once investors see that, there is likely to be a sharp (downward) correction," said Castor Pang, research director at Cinda International in Hong Kong.
In Hong Kong, the Hang Seng was 1.74% firmer.
US stocks are expected to open firmer on Monday, as market participants take a more buoyant view of the current economic conditions.
The DJIA front-month futures contract trades 70 points higher at 11 583 and the S&P 500 futures contract trades up 7.7 points at 1 260.70. Eyes are turning to the week's economic releases with a degree of optimism, starting with the December ISM manufacturing release at 15:00 GMT.