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Johannesburg - The JSE opened slightly firmer on Tuesday,
with resource counters providing support while banks fell.
Concerns about the European debt crisis resurfaced after
Standard & Poor's cut Greece's long-term credit rating, sparking fears over
potential default on debt repayment, a trader said.
By 09:11 local time, the JSE All Share [JSE:J203] index
gained 0.17%, with gold miners rising 0.83% and resources picking up 0.67%.
Platinum miners, however, dropped 0.41%. Banks lost 0.43% and financials eased
0.24%, but industrial were flat (-0.07%).
The rand was bid at R6.75 to the dollar, unchanged from the
JSE's close on Monday. Gold was quoted at $1 508.84 a troy ounce from $1 508/oz
at the JSE's previous close, while platinum was at $1 794.50/oz, from $1
791.50/oz previously.
The local market was quiet and was looking for direction,
the trader said. The rand was weaker, while metal prices remained table, she
said, adding that there was no specific US economic data expected today.
Dow Jones Newswires reported that most Asian stock markets
were modestly higher on Tuesday with the Japanese market choppy as investors
digested a raft of earnings, while investors in China were cautious ahead of
key inflation data on Wednesday.
Japan's Nikkei Stock Average was up 0.1%, Australia's
S&P/ASX 200 was down 0.2%, China's Shanghai Composite Index rose 0.3% and
India's Sensex was 0.5% higher. South Korean and Hong Kong markets were shut
for public holidays.
Dow Jones Industrial Average futures were down 24 points in
screen trade.
"With markets closed in Hong Kong and Korea today, trading has been light and price action limited during the Asia session," RBC said in note to clients. "Speculation about a potential Greek debt restructuring will likely be the main focus of attention over the rest of the day," it added.
Standard & Poor's on Monday cut Greece's credit rating by two notches, and Moody's put its rating on watch for a potential multi-notch downgrade, spurring speculation Greece might end up restructuring its debt.
