Johannesburg - The JSE held on to earlier gains at noon on Friday as
investors watched global stocks and awaited the publication of the
European bank stress tests.
By
noon local time the JSE all share index had gained 0.32%, as resources added
0.72%, and platinum miners picked up 1.37%. Gold miners garnered 0.20%. But
banks lost 0.43% and financials fell 0.17%, while industrials rose
0.19%.
The rand was bid at R7.42 to the dollar from R7.44 at the JSE's last close. Gold was
quoted at $1 197.47 a troy ounce from $1 194.85/oz at the JSE's previous
close, while platinum was at $1 542.00/oz from $1 527.00/oz before.
A
trader said the local market remained stronger, but off earlier highs as it kept an eye on
global equities.
The trader said US futures were weaker and so were UK stocks, which fell despite the release
of stronger than expected economic data in the UK.
Investors, the trader said, were awaiting the forthcoming publication of the European bank
stress tests.
Mpho Mojalefa, a trader at BJM Private Client Services, said earlier the stress test results
expected to be published on Friday could prove to be a market driver.
In
a stress test survey conducted by Goldman Sachs, which closed 24 hours before the
release of the results, expectations are for ten of the 91 institutions to not
pass, according to the Dow Jones Newswires.
Banks in Germany, Spain and Greece are expected to raise the fresh capital.
The UK economy grew at its fastest pace in more than four years in the second quarter, the
Office for National Statistics said on Friday, in the strongest sign yet
that the UK recovery has real momentum behind it.
In
its preliminary growth data, the ONS said the economy expanded 1.1% on the quarter and
1.6% on the year between April and June. That means the UK has now expanded
for three straight quarters since a deep and protracted recession.
In
the first quarter, the economy expanded 0.3% on the quarter and declined 0.2% on the
year.
A
spike on Wall Street drove Asian markets higher on Friday, lifting Chinese shares for a
fifth straight session and triggering a rebound in Japanese stocks that
more than erased losses suffered earlier this week.
Japan's Nikkei Stock Average rose 2.3% after a five-session losing streak, and Hong
Kong's Hang Seng Index advanced 1.1%.
- I-Net Bridge