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Johannesburg - The JSE edged into the black in early trade on Tuesday amid some bargain hunting and cautious trade after the market was sold off heavily on Monday, a local trader said.
At 09:15 the JSE all share index had edged up 0.20%, with resources inching 0.14% higher, and platinum and gold producers collecting 0.43% and 0.42% respectively.
Banks edged up 0.26%, financials were up 0.58% and industrials were flat, up 0.08%
The rand was bid at R7.89 to the dollar from R7.85 when the JSE closed on Monday. Gold was quoted at $1 061.20 a troy ounce from $1 060.05 at the JSE's last close, and platinum was at $1 345/oz, from $1 331/oz at its previous close.
"We have edged up this morning, there is a bit of bargain hunting after the market was sold off heavily yesterday," the trader said.
"We are bouncing back from those levels. The US was up last night, but Asia was mixed, so I'm not sure if we will hold.
"It's a busy week in terms of data. The rand is still weak so it might help some of these gold stocks.
"The market is a bit cautious, most stocks are trading at very high levels. I don't expect to be too strong, but maybe we will get direction from the US later in the day," she said.
- I-Net Bridge