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Johannesburg - The JSE closed a tad firmer in thin trade on Wednesday, with resource counters providing much of the support. Trading in equities, commodities and other markets in South Africa and worldwide is light due to the holiday season.
The dollar was slightly softer, while commodity prices were stronger, a dealer said.
At 17:00, the JSE all share index was virtually rose 0.35%, with gold miners rising 1.08%, platinum miners adding 0.68% and resources gaining 0.91%. Banks was up 0.22%, while financials (0.05%) and industrials (-0.06%) were flat.
The rand was bid at 6.64 to the dollar from 6.65 at the JSE's close on Tuesday. Gold was quoted at US$1 408.47 a troy ounce from US$1 400.83/oz at the JSE's previous close, while platinum was at $1 746.50/oz from $1 750.00/oz before.
"Resources pushed the market higher. There is buying interest among fund managers, switching into resources stocks," the dealer said.
Copper and gold have hit fresh records, but trade volumes are extremely thin due to the holiday season, exaggerating price movements.
Analyst James Moore of FastMarkets noted in a research report on Wednesday that both base metals and precious metals have rallied strongly as trade resumes on the London Metals Exchange (LME), which re-opened today after the holidays.
Dow Jones Newswires reported that US stocks opened with a slim gain on Wednesday morning, boosted by a weaker dollar and investors anxious to keep the year's final week of trading in positive territory.
The Dow Jones Industrial Average rose 28 points, or 0.3%, to 11 604.
Market moves are expected to be muted for the rest of the week as investors anxious to lock in year gains are expected to trade cautiously.
With only three trading sessions left in the year, the Dow is up 11%, while the S&P 500 is up nearly 13% and the Nasdaq is up more than 17%.
Small-cap stocks have surged even more this year, with the Russell 2 000 up more than 26%.
Volume has been unusually light so far this week, thanks to holiday vacations and a deluge of snow in the Northeast.
