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JSE tracks US, Europe mkts higher

Johannesburg - The JSE tracked international stocks and closed firmer on Tuesday.

At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.35% at 33 777.97 points, with industrials gaining 0.51%, banks rose 0.39%, and financials added 0.38%.

Resources were 0.13% higher. Gold miners, however declined 1.62%, while platinum miners were flat (-0.03%).

The rand was trading at 7.79 to the US dollar, from 7.96 at the JSE's close on Monday. Gold was quoted at $1 649.04 a troy ounce from $1 650.35/oz at the JSE's previous close, while platinum was at $1 575/oz, from $1 573.20/oz at the previous session.

Overseas markets were strong, including European and US markets, a local trader said. Gold shares were struggling, while some of the resources were picking up and recovering from recent lows, the trader added.

US stocks advanced as easing concerns about Spain's borrowing costs offset flat readings on domestic industrial output and a mixed report from the housing market, Dow Jones Newswires reported.

The Dow Jones Industrial Average climbed 140 points, or 1.1%, to 13,060 in morning trading. The Standard & Poor's 500-stock index gained 14 points, or 1%, to 1,384, and the Nasdaq Composite rose 38 points, or 1.3%, to 3,026.

Tuesday's earnings calendar was heavy with quarterly earnings reports from US blue-chips, and energy and industrial stocks led the market higher.

Coca-Cola, up 2.5%, led the Dow's advance after the beverage giant reported first-quarter earnings and revenue that exceeded expectations, as both volumes and price gains bolstered results.

Muted economic reports didn't restrain Tuesday's stock gains. Before the opening bell, data showed US home construction fell 5.8% in March, the second straight monthly decline. The reading was well below expectations for a 0.7% increase. Meanwhile, the number of new housing permits rose 4.5% last month, and reached their highest level since September 2008. Economists had forecast a modest decline.
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Rand - Dollar
18.96
-0.1%
Rand - Pound
23.92
-0.1%
Rand - Euro
20.43
+0.0%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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