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Johannesburg - The JSE was flat by noon on Monday, "holding" and awaiting direction from global markets, a trader said.
By 12:01, the JSE all share index was flat, down 0.03%. Resources edged down 0.52% and gold stocks fell 5.78%. However, platinum miners edged up 0.15%. Banks lost 1.20%, financials were flat, down 0.08% and industrials collected 0.55%.
The rand was last bid at R8.99 to the dollar, from R9.08 when the JSE closed on Friday. Gold was quoted at $878.85/oz a troy ounce from $905.05/oz at the JSE's last close, and platinum was at $1 152/oz from its previous close of $1 154.50/oz.
"We are flat, but we are still holding and looking very good," the trader said.
"Overseas markets are still continuing to look good. Dow futures are still up. Our market is holding up and we are looking for further direction from overseas.
"There are some areas of consolidation. Gold stocks have had some big moves. Now the rand is strong and the gold price has come off. There is some profit taking among those stocks and that is not surprising.
"The mining shares are holding up. Overall it is a good market with the exception of these gold stocks. There is a move to high risk stocks," he said.
"We have a short trading week ahead of us, so we are likely to see the market track sideways," another trader said.
Dow Jones Newswires reports that the FTSE 100 pared gains. The lack of economic and corporate news flow leaves major indices struggling for direction, said Nick Mitchell at CMC Markets. However, risk appetite is noticeably higher and sentiment remains positive. Nick Serff at City Index warned stocks were slightly overbought on a short-term basis. He said, "a one-or two-day sell off would reset the major bourses and set us up for a rally into reporting season." US Conference Board employment trends index comes at 14:00 GMT, followed by the Chicago Fed Midwest manufacturing index at 16:00 GMT.
The FTSE 100 was last up 0.93%.
US stocks are seen opening higher, continuing the momentum from European and Asian trade as risk appetite returns, said David Morrison, strategist at GFT.
He called the DJIA to open up 55 points at 8072 and the S&P 500 up 5 at 847.5. "Buoyed up by a string of economic numbers which, though dire, were not as awful as predicted, focus now turns to the reporting season," he said.
- I-Net Bridge