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JSE up slightly on resources

Johannesburg - The JSE was slightly firmer at noon on Thursday, with resource stocks remaining fairly stronger.

However, caution remains ahead of the Spanish and Italian bond auctions due later in the day following Portugal's success yesterday, a trader said.

By 12:01 local time, the JSE all share index was up 0.26%, with resources gaining 0.37% and platinum miners rising 0.66%. But gold miners were relatively flat (-0.02%). Banks added 0.18%, industrials picked up 0.13% and financials were up 0.12%.

The rand was trading at 6.82 to the dollar from 6.83 at the JSE's close on Wednesday. Gold was quoted at US$1 380.95 a troy ounce from US$1 378.87/oz at the JSE's previous close, while platinum was at $1 798.50/oz from $1 794/oz before.

The trader said the underlying theme driving the market was the expectation that the US economy was on track for a good year. "There is enough momentum for the world's largest economy to escape the double-dip recession," he said.

Commodity prices, notably crude oil, also remained higher, lifting the market and boosting resource counters.

Dow Jones Newswires reports that European stocks were mixed on Thursday as all the major markets took a breather after the solid gains of the previous session and as traders took a step back, waiting for the next round of European bond auctions.

Following the successful Portuguese auction on Wednesday, hopes were high for Italy and particularly Spain, which have become embroiled in the euro-zone's sovereign-debt crisis.

London's FTSE 100 was last 0.30% lower.

Asian stock markets were mostly higher on Thursday, as sentiment was boosted by a successful Portuguese bond auction on Wednesday, while Korean shares clung to some of their early gains after the central bank surprised the market with a rate hike.

Japan's Nikkei Stock Average was up 0.73%, and Hong Kong's Hang Seng Index rose 0.47%.

 

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Rand - Dollar
19.00
-0.5%
Rand - Pound
23.95
-0.3%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.5%
Platinum
895.30
-0.2%
Palladium
991.47
-1.0%
Gold
2,196.11
+0.1%
Silver
24.46
-0.8%
Brent Crude
86.09
-0.2%
Top 40
67,818
+0.2%
All Share
74,028
+0.2%
Resource 10
56,225
+1.0%
Industrial 25
103,464
+0.2%
Financial 15
16,455
-0.4%
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