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Johannesburg - The JSE rallied on Thursday, as investors cheered news that Brazilian miner Vale had expressed interest in Anglo America's (AGL) Copebras, the fertilizer company. Anglo's share gained over 2%, igniting general interest in resources counters.
By 17:00 local time the JSE all share index was 1.19% firmer, with resources climbing 1.36% and platinum miners gaining 0.84%. But gold stocks bucked the trend, falling 0.53%. Financials advanced 0.42%, banks were 0.69% higher and industrials edged up 1.40%.
The rand was at 6.87 per dollar, from 6.89 at the JSE's close on Wednesday. Gold was quoted at $1 340.09 a troy ounce from $1 344.07/oz at the JSE's previous close, while platinum was at $1 688.00/oz from $1 684.00/oz before.
Kevin Algeo, portfolio manager at Imara SP Reid, said the local market had a good rally today, fuelled by news that Vale had shown interest in Anglo America's (AGL) Copebras. Anglo surged and resources were generally stronger.
The weak dollar, in line with the general trend, also pushed equities higher, Algeo said.
Dow Jones Newswires reported that US stocks climbed on Thursday, propelled higher by a wave of encouraging corporate earnings from blue-chip names including Caterpillar, McDonald's and Travelers.
The Dow Jones Industrial Average gained 47 points, or 0.4%, to 11 156. A rush of corporate quarterly reports helped the measure extend its gains from the previous day, when the Dow added 129 points.
Blue-chip companies reporting better-than-expected quarterly earnings led the Dow. Travelers Cos. added 1.9% after its third-quarter earnings and revenue topped Wall Street estimates and the property-casualty insurance firm raised its full-year guidance.
By 17:00 local time the JSE all share index was 1.19% firmer, with resources climbing 1.36% and platinum miners gaining 0.84%. But gold stocks bucked the trend, falling 0.53%. Financials advanced 0.42%, banks were 0.69% higher and industrials edged up 1.40%.
The rand was at 6.87 per dollar, from 6.89 at the JSE's close on Wednesday. Gold was quoted at $1 340.09 a troy ounce from $1 344.07/oz at the JSE's previous close, while platinum was at $1 688.00/oz from $1 684.00/oz before.
Kevin Algeo, portfolio manager at Imara SP Reid, said the local market had a good rally today, fuelled by news that Vale had shown interest in Anglo America's (AGL) Copebras. Anglo surged and resources were generally stronger.
The weak dollar, in line with the general trend, also pushed equities higher, Algeo said.
Dow Jones Newswires reported that US stocks climbed on Thursday, propelled higher by a wave of encouraging corporate earnings from blue-chip names including Caterpillar, McDonald's and Travelers.
The Dow Jones Industrial Average gained 47 points, or 0.4%, to 11 156. A rush of corporate quarterly reports helped the measure extend its gains from the previous day, when the Dow added 129 points.
Blue-chip companies reporting better-than-expected quarterly earnings led the Dow. Travelers Cos. added 1.9% after its third-quarter earnings and revenue topped Wall Street estimates and the property-casualty insurance firm raised its full-year guidance.
