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Johannesburg - The JSE edged up at the start of trading on
Thursday, with gold shares leading the upside amid some bargain hunting,
following the US central bank commentary that it was ready to ease monetary
policy further if needed.
At 09:18 local time, the JSE All Share [JSE:J203] index was
up 0.24% to 34,111.26 points, with gold stocks rallying 1.96%, platinum shares
edging up 0.37% and resources firming 0.39%.
Financials edged up 0.23%, banking stocks improved 0.25% and
industrials garnered 0.19%.
The rand was firmer at R7.73 to the US dollar, from R7.78 at
the JSE's close on Wednesday. Gold was quoted at $1 650.41 a troy ounce from $1
637.99/oz at the JSE's previous close, while platinum was at $1 561.50/oz, from
$1 550.20/oz at the previous session.
"We are seeing some improvement in the spot prices of
precious metals following the US Fed chairperson's commentary. The recovery in
gold shares is only logical given the heavy losses they suffered in recent
sessions. Investors are probably realising that this is overdone to the
downside," said a local trader.
Asian stock markets were mostly higher on Thursday as US
Federal Reserve Chairperson Ben Bernanke left the door open for more stimulus
measures ahead, reported Dow Jones Newswires.
Japan's Nikkei Stock Average was flat but Hong Kong's Hang
Seng Index gained 0.42%.
European stock markets opened flat to higher after the US
Fed's latest policy statement, while investors next turn to fresh eurozone data
due later in the day.
London's FTSE 100 index was up 0.29% or 5,735,50 points at
09:03 local time.
US stock futures are higher on Thursday, after surging shares of Apple and dovish words from the Fed Chairperson Ben Bernanke drove US stocks higher and propelled the Nasdaq Composite to its biggest gain this year.
