Johannesburg - The JSE opened firmer on Monday, tracking
positive global sentiment, in what is expected to be a quiet trading session
ahead of Workers' Day on Tuesday, which is a public holiday in SA.
At 09:20 local time, the JSE All Share [JSE:J203] index was
up 0.41% to 34,390.38 points, with resources gaining 0.36%, while platinum
shares shed 0.44% and gold counters lost 1.40%.
Financials lifted 0.70%, banking stocks were up 0.48% and
industrials garnered 0.33%.
The rand was firmer at R7.73 to the US dollar, from R7.78 at
the JSE's close on Thursday. Gold was quoted at $1 662.36 a troy ounce from $1
656.50/oz at the JSE's previous close, while platinum was at $1 574/oz, from $1
560.20/oz at the previous session.
Drikus Combrinck, portfolio manager at PSG Konsult, said:
"I wouldn't read too much into the local share price movements, given the
expected light volumes with Tuesday being a holiday."
Asian stock markets were mostly up on Monday as investors
cheered robust US earnings, with cyclical stocks generally higher across the
region, Dow Jones Newswires reported.
However, demand for equities was contained ahead of key
events this week, such as the manufacturing data from China and Spain's debt
Japanese and Chinese markets were shut for holidays, while
Hong Kong's Hang Seng Index advanced 1.50%.
European stocks started slightly higher and the performance
of the dollar against the euro will likely be in focus as traders continue to
debate whether another bout of quantitative easing is likely from the Federal
Reserve, following lower-than-expected first-quarter economic growth data last
London's FTSE 100 index was flat at 5,779,07 points at 09:05