JSE opens higher on resources

Johannesburg - The JSE was slightly firmer in the morning session on Friday, led by resources amid a weaker dollar.

At 09:21, the JSE all share index was up 0.69%, with resources gaining 1.26% and platinum miners a fraction firmer to 0.18%. Gold miners were 1.92% higher.

Banks were flat, up 0.16%, financials advanced 0.32% and industrials picked up 0.19%.

The rand was bid at 7.79 to the dollar, from 7.77 when the JSE closed on Thursday. Gold was quoted at $951.07 a troy ounce from $943.80/oz at the JSE's last close, and platinum was at $1 239/oz, from $1 240.50/oz at its previous close.

A local trader said that the JSE was firmer at the opening bell amid dollar weakness, pushing resources to the upside. "We are starting to see the bourse slide a bit, possibly as a result of profit taking this morning, having opened sharply higher this morning. We will track the Dow later on for further direction, with Michigan results out later, possibly impacting on play."

Dow Jones Newswires reported that European stocks are expected to open higher on Friday, despite a mixed session in Asia.

The region's main bourses are more likely to follow their US counterparts, traders said, after Wall Street posted modest gains on Thursday. "European markets fell [in the previous session] so they will be playing catch-up," said Matt Buckland, a dealer at CMC Markets.

He also said that, as is common towards the end of the month, there may be some re-positioning and slightly higher activity, although he acknowledged that volumes have been very low this week.

Meanwhile, Asian share markets were mixed on Friday as weakness in China's stock markets continued to hurt investor sentiment despite mild gains on Wall Street.

The final reading for the August University of Michigan consumer sentiment index is due at 15:55.

- I-Net Bridge