JSE pushed up by commodities

Johannesburg - Commodities, led by gold miners, pushed the JSE firmer in the morning session on Monday amid general upward momentum in global markets.

At 09:19 the JSE all share index was 0.99% higher, led by gold producers, 2.30% firmer. Resources added 1.75%, with platinum miners up 1.86%.

Banks gained 0.54%, financials picked up 0.29% and industrials were 0.49% firmer.

The rand was bid at 7.50 to the dollar, from 7.58 when the JSE closed on Thursday. Gold was quoted at $1 165.80 a troy ounce from $1 140.75 at the JSE's last close, and platinum was at $1 466/oz, from $1 433/oz at its previous close.

A local trader said: "Commodities have pushed the local bourse to a good start as a result of a weaker dollar. Gold is strongest, but resources across the board are positive."

"World markets in general are seeing upward momentum," he said.

Dow Jones Newswire reported that European stocks are called to open higher on Monday, supported by strong commodity prices, which have been bolstered once again during Asian trade, said Ben Potter at IG Markets. He called London's FTSE 100 up 32 points at 5283.

However, a degree of caution remained as to whether stocks could continue to push much higher and "with a relatively quiet few days ahead, combined with traders in the US winding down for the Thanksgiving holiday, this issue is set to be played out yet again," said Potter.

Eurozone flash PMI is at 11:00, while in the US, existing home sales are at 17:00.

- I-Net Bridge