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Johannesburg - The JSE opened higher on Tuesday following a
strong performance from Eastern markets, which marked a positive start to the New Year.
A local trader said optimism over the New Year had
buoyed initial sentiment. However, investors would still be looking to observe
how European markets opened.
At 09:16 local time, the JSE All Share [JSE:J203] index had
lifted 1.30%. Resources elevated 1.97%, platinums gathered 1.11% and gold
stocks rose 1.09%.
Banks picked up 1.03%, industrials moved up 1.02% and
financials garnered 0.93%.
The rand was bid at R8.06 to the dollar from R8.10 at the
JSE's close on Friday. Gold traded at $1 588.89 a troy ounce from $1 562.47 at
the JSE's previous close, while platinum was quoted at $1 411.50/oz, from $1
377.70/oz at the previous close.
Dow Jones Newswires reported that Asian stock markets rose
on Tuesday as signs of a pick-up in China's manufacturing activity boosted
sentiment across the region, with resource stocks outperforming in Hong Kong
and Sydney, while exporters led the Seoul market sharply higher.
In what was the first trading day of the new year for many
regional markets, investors were encouraged by China's official
purchasing managers index, which rose to 50.3 in December, representing a
return to
expansionary territory after dipping below 50 in November, data released
on
Sunday showed.
Amid signs of increasing deterioration of the European
economy, the leaders of Germany and France on Monday announced plans for a
bilateral summit next week, wasting no time to pursue a still elusive solution
to the eurozone debt crisis.
Investors may elect to bid up London's stock market to
start, leaving others with mixed openings after Monday's hefty gains.
Bunds may start mixed, while gilts tilt a bit lower. The euro, spot gold and oil futures are higher.
