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Johannesburg - The JSE was slightly firmer at noon on Thursday, with resource stocks adding to the strength. But the strong rand put downward pressure on rand-hedge stocks, a trader said.
The local currency hit a new three-year best level as it traded just below 6.60 to the US dollar earlier today. The greenback was weaker.
By 12:12 local time the JSE all share index was up 0.18%, with platinum miners gaining 0.92%, resources rising 0.35% and gold miners eked out a 0.09% gain. Financials were flat, while industrials added 0.12% and banks were up 0.16%.
The rand was bid at 6.62 to the dollar from 6.64 at the JSE's close on Wednesday. Gold was quoted at US$1 412.90 a troy ounce from US$1 408.47/oz at the JSE's previous close, while platinum was at $1 761.50/oz from $1 746.50/oz before.
The trader said metal prices continued to move higher, supporting mining equities. But other rand-sensitive stocks were under pressure.
Dow Jones Newswires reported that European stock markets eased marginally on Thursday as trading wound down ahead of the year end.
While some participants remain optimistic about the prospects for equities in the year ahead, others are not so sure.
Market sentiment is overly bullish, complacency is extremely low and the market leaders appear to be tracing out intermediate-term tops, said Standard & Poor's Equity Research in a note to clients.
In London, FTSE 100 was last 0.07% lower.
Asian stock markets were mostly lower on Thursday, as exporters dragged Tokyo lower and miners lifted Sydney.
Japan's Nikkei Stock Average was down 1.12%, but in Hong Kong, the Hang Seng was 0.13% firmer.
The Japanese stock market was weighed by exporters, which were dragged down by the yen's recent strength.
"Today's trading is symbolic of the entire year, dominated by selling on a stronger yen," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
