Share

JSE remains higher on commodities

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.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.02
-0.6%
Rand - Pound
23.97
-0.3%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
894.10
-0.3%
Palladium
996.00
-0.6%
Gold
2,196.05
+0.1%
Silver
24.45
-0.8%
Brent-ruolie
86.09
-0.2%
Top 40
67,848
+0.3%
All Share
74,067
+0.2%
Resource 10
56,251
+1.1%
Industrial 25
103,518
+0.2%
Financial 15
16,466
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders