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Johannesburg - A firming of resource counters saw the JSE edge higher into the black by noon on Wednesday in what a local
trader said was an inflow of money to emerging markets.
At 12:04 the JSE all share index had collected 0.53%, with resources up 0.97%. Platinum miners collected 0.57% and gold producers edged up 0.25%.
Banks were flat, up 0.01%, financials eased 0.11% and industrials were up 0.34%.
The rand was bid at R7.43 to the dollar, from R7.45 when the JSE closed on Tuesday. Gold was quoted at $1 146.32 a troy ounce from $1 132.75 at the JSE's last close, and platinum was at $1 463/oz, from $1 454/oz at its previous close.
"We have moved slightly higher. There is a lot of risk buying. People are buying into riskier assets, a lot of money is flowing out of the dollar into emerging markets," the trader said.
"Resources are strong and the guys are saying that this could carry on until the first quarter of next year.
"The rand - it seems like the market is ignoring the rand, because if it wasn't then financials would be flying, but they are not. For the rest of the day we might see the market go up a bit more," he said.
- I-Net Bridge