Firmer Dow sees JSE up

Johannesburg - A stronger opening from the Dow coupled with a slightly weaker rand led the JSE into the black on Monday.

At 17:00 the JSE all share index had collected 0.40%, with resources up 1.03% and platinum producers adding 1.16%. Gold miners moved 0.56% higher.

Banks lost 1.71% and financials weakened 0.74%, but industrials edged up 0.29%.

At 16:45, the rand was bid at 7.53 to the dollar from 7.47 at the JSE close on Friday. Gold was quoted at $1 054.42 a troy ounce from $1 054.95/oz at the JSE's last close, and platinum was at $1 360.50/oz, from $1 356/oz at its previous close.

"A firmer opening on the Dow coupled with a weaker rand boosted local stocks today," a local trader said.

"We will continue to track US markets, with an eye on company earnings," he said.

Dow Jones Newswires reports that US stocks were higher early on Monday, pushing the Dow Jones Industrial Average back above the psychologically important 10 000 level as higher oil prices lifted the energy sector and the tech sector was riding high after Marvell Technology raised its third- quarter revenue guidance.

The news out of Marvell helped investors become more positive again about the third-quarter earnings season, which has generally seen earnings come in above Street expectations, with some companies even beating revenue forecasts. On Friday, stocks fell on uncertainty about the economy, which prompted investors to act disenchanted with the earnings reports.

The Dow Jones Industrial Average was recently up 75 points at 10nbsp;047. It was led by Microsoft, up 1.3%, which gained with a number of the Dow's other tech components, including Intel and International Business Machines, following the Marvell news. American Express also helped lift the Dow, as did energy components Chevron and Exxon Mobil. All three climbed more than 1% each.

- I-Net Bridge