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Resources lead JSE rally

Johannesburg - The JSE extended gains and looked strong at noon on Tuesday, as resource counters and positive sentiment on global equity markets helped lift the local bourse. Anglo American [JSE:AGL] and BHP Billiton [JSE:BIL] led the rally.

By 12:05 local time, the JSE all share index had added 1.21%, with resources 1.78% firmer, platinum miners rising 1.04% and gold miners up 0.76%. Financials rose 0.54%, banks gained 0.57% and industrials gathered 0.93%.

The rand was trading at 6.83 to the dollar from 6.88 the JSE's close on Monday. Gold was quoted at US$1 371.40 a troy ounce from $1 361.08/oz at the JSE's previous close, while platinum was at $1 823.50/oz from $1 808.00/oz before.

"European markets are strong and US futures are up 27 points," an equity trader said, adding that the local market was playing catch up after falling steeply due to one big order in thin trade yesterday. "Yesterday's move was unwarranted," he said.

Dow Jones Newswires reports that European stocks rose, taking their cue from a mostly positive Asian session and boosted by strength in the autos and basic-resources sectors.

Despite the gains, traders noted ongoing concerns about European sovereign debt, as market participants await the outcome of an Ecofin finance ministers' meeting. London's FTSE 100 firmed 0.98%.

Asian stock markets were mixed, with Tokyo shares weighed by falls in tech stocks. Many investors appeared content to keep activity to a minimum in the absence of catalysts due to Monday's US holiday.

Japan's Nikkei Stock Average closed 0.2% higher and Australia S&P/ASX 200 gained 0.8% but South Korea's Kospi Composite fell 0.2%. Hong Kong's Hang Seng Index closed flat, while the Shanghai Composite retraced early losses to rise 0.2% after Monday's 3.0% drop on the central bank's move Friday to tighten banks' reserve ratio requirements.

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Rand - Dollar
18.93
+0.0%
Rand - Pound
23.90
+0.0%
Rand - Euro
20.40
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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