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JSE tracks global stocks firmer

Johannesburg - The JSE opened firmer on Monday tracking positive global investor sentiment.

On the corporate data front Ceramic Industries (CRM) stock surged over 9% in early trade after the manufacturer of wall and floor tiles announced that Italtile [JSE:ITL] had submitted a conditional offer to acquire between 15% and 20% of its equity at R130 a share in cash.

At 09:24 local time the JSE all-share index was up 0.84% to 33?268.33 points with resources adding 1.34% platinum shares gaining 1.21% and gold counters firming 0.97%.

Financials garnered 0.46% banking stocks lifted 0.77% and industrials were up 0.69%.

The rand was trading at 8.29 to the US dollar from 8.36 at the JSE's close on Friday while gold was quoted at $1 581.72 a troy ounce from $1 565.01/oz at the JSE's previous close and platinum was at $1 440/oz from $1 423.00/oz at the previous session.

"The markets have been excessively oversold in the last while. Commidity shares are leading the upside at the moment amid some buying interests at these lower levels" said Ferdi Heyneke portfolio manager at Afrifocus Securities.

European stock markets started higher on improving sentiment Dow Jones Newswires reported.

Risk-on appetite got a boost after four separate polls on Sunday showed Greece's conservatives had swung into first place ahead of next month's elections.

The rise in support for the conservative New Democracy would give it the ability to form a government with the socialists Pasok. Both parties back the reform programme Greece agreed with its European and international creditors while the radical leftist Syriza opposes the austerity program tied to the bailout.

London's FTSE was up 0.88% to 5 398 points at 09:59 local time.

Asian stock markets were mostly higher as risk appetite improved due to signs of political progress in Greece while resources plays outperformed in Sydney amid a stronger euro.

Japan's Nikkei Stock Average closed 0.15% up while Hong Kong's Hang Seng was last up 0.48%

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Rand - Dollar
18.90
+0.2%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
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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