JSE spurred on by world equities

Johannesburg - The JSE added to its morning gains by noon on Wednesday, benefiting from rising world stocks and rare heartening global economic data.

By 12:15 local time the JSE all share index had risen 1.35%, with resources 1.76% higher and platinum miners gaining 2.43%. Gold miners added 0.17%. Banks rose 0.64%, financials were up 0.73%, and industrials firmed 1.27%.

The rand was bid at R7.34 to the dollar from R7.36 at the JSE's close on Tuesday. Gold was quoted at $1 252.01 a troy ounce from $1 246.85/oz at the JSE's previous close, while platinum was at $1 530.00/oz from $1 521.50/oz before.

A trader said the local market was higher in line with world equities.

"The economic data from China and Australia boosted sentiments," the trader said.

China's official Purchasing Managers Index rose to 51.7 in August from 51.2 in July, while the Australian Bureau of Statistics showed the country's average measure of GDP rose a better-than-expected 1.2% in the second quarter of 2010 from the first quarter.

The trader said this positive data boded well for resources.

Dow Jones Newswires reports that Asian stock markets moved higher on Wednesday, with solid economic data from China and Australia helping investors overcome some early jitters over the health of the global economic recovery.

Japan's Nikkei Stock Average closed 1.17% firmer on Wednesday, and Hong Kong's Hang Seng Index ended 0.43% higher.

European stocks were steady, despite disappointing German retail sales data, as investors kept to the sidelines ahead of some important economic releases.