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Johannesburg - The JSE was positive at noon on
Wednesday, reversing earlier losses on hopes that Europe would
recapitalise some banks to cushion the impact of a potential Greek
default and better than expected eurozone industrial production.
By 12:01 local time, the JSE All Share [JSE:J203] index was up 0.84% to 31 062.49 points, the highest since September 19. The all-share index was however still down 4.5% from the highs of 32 800 points reached in May this year.
Platinum miners gained 0.65%, banks were flat (0.05%), and industrials lifted 0.74%. Financials were up 0.42%, while resources were 1.22% firmer.
Gold however went up 2.02%.
The rand was firmer at 7.76 to the dollar, from 7.90 at the JSE's close on Tuesday. Gold traded at $1 685.14 a troy ounce from $1 663.86/oz at the JSE's previous close, while platinum was at $1 551 /oz, from $1 515.50/oz previously.
Sasha Naryshkine, portfolio manager at Vestact, said: "The industrial production had some sort of impact on the investor sentiment. It is an indication that perhaps things are not as bad in the eurozone."
Dow Jones Newswires reported that European stocks staged a turnaround on Wednesday coming out of the red and reaching fresh highs for the month while the euro climbed upward on expectations of a plan to recapitalise ailing European banks.
European Union Commission head Jose Manuel Barroso said he would announce proposals to recapitalise European banks and improve economic governance in the eurozone on Wednesday.
London's FTSE 100 was up 0.61% at 5 428.50.
Meanwhile, it was a different story in Asia though, as Australian resources stocks fell on Alcoa's results. Meanwhile, floods in Thailand weighed on shares of some Tokyo exporters.
Investors were also wary after news Tuesday that Slovakia had held up the expansion of the eurozone's bailout fund.
By 12:01 local time, the JSE All Share [JSE:J203] index was up 0.84% to 31 062.49 points, the highest since September 19. The all-share index was however still down 4.5% from the highs of 32 800 points reached in May this year.
Platinum miners gained 0.65%, banks were flat (0.05%), and industrials lifted 0.74%. Financials were up 0.42%, while resources were 1.22% firmer.
Gold however went up 2.02%.
The rand was firmer at 7.76 to the dollar, from 7.90 at the JSE's close on Tuesday. Gold traded at $1 685.14 a troy ounce from $1 663.86/oz at the JSE's previous close, while platinum was at $1 551 /oz, from $1 515.50/oz previously.
Sasha Naryshkine, portfolio manager at Vestact, said: "The industrial production had some sort of impact on the investor sentiment. It is an indication that perhaps things are not as bad in the eurozone."
Dow Jones Newswires reported that European stocks staged a turnaround on Wednesday coming out of the red and reaching fresh highs for the month while the euro climbed upward on expectations of a plan to recapitalise ailing European banks.
European Union Commission head Jose Manuel Barroso said he would announce proposals to recapitalise European banks and improve economic governance in the eurozone on Wednesday.
London's FTSE 100 was up 0.61% at 5 428.50.
Meanwhile, it was a different story in Asia though, as Australian resources stocks fell on Alcoa's results. Meanwhile, floods in Thailand weighed on shares of some Tokyo exporters.
Investors were also wary after news Tuesday that Slovakia had held up the expansion of the eurozone's bailout fund.
