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Johannesburg - The JSE opened higher on Monday, tracking global stocks, which were trading in positive territory following US Federal Chair Ben Bernanke's comments on the economy on Friday.
A local trader said that Asian markets were all stronger after the Dow's rally on Friday following Bernanke's speech. The trader said although Bernanke did not announce any stimulus for the US economy, markets have started anticipating the possibility of slightly better growth if Bernanke was prepared to support the economy at a later stage.
"I do expect a bit of a quiet day today because London is closed," the trader added.
By 09:13 local time, the All Share [JSE:J203] had picked up 1.27%, with platinum counters rising 1.98%, the resources index up 1.83%, and industrials lifted 1.08%. Gold miners gained 0.84%, while banks were 0.69% higher, and financials picked up 0.68%.
The rand was bid at 7.09 to the dollar, from 7.17 at the JSE's close on Friday. Gold was trading at $1 817.31 a troy ounce from $1 779.40 at the JSE's previous close, while platinum was at $1 830/oz, from $1 819.50/oz previously.
Dow Jones Newswires reported that European stocks were expected to start higher on Monday, following significant gains in Asia and on Wall Street after Federal Reserve chairman Ben Bernanke's closely watched speech at the Jackson Hole economic symposium warmed sentiment among investors.
Although Bernanke did not announce any new monetary stimulus in his speech, he certainly did not close the door on a move. Bernanke also highlighted his expectation that the US economy would grow faster in the second half than it did in the first.
"The Fed chairman made the usual reassuring comments that the Fed had the needed tools and the resolve to employ them, if economic conditions warranted additional policy measures, while offering no suggestion that new measures were imminent," said Credit Agricole Corporate & Investment Bank.
Jonathan Sudaria, night dealer at Capital Spreads, called Frankfurt's DAX to start up 86 points, or 1.6%, at 5623 and Paris's CAC-40 up 38, or 1.2%, at 3126. London's FTSE 100 is closed for a public holiday.
Meanwhile, Asian equity markets were firmly higher, but banks and property developers dented Chinese markets as Beijing moved to further tighten credit conditions.
Taking a cue from Wall Street's rise Friday, Japan's Nikkei Stock Average was up 0.4%, Australia's S&P/ASX 200 added 1.7%, South Korea's Kospi Composite tacked on 2.8% and Hong Kong's Hang Seng Index gained 1.2%.
Bucking the trend, China's Shanghai Composite Index fell 1.3%.
A local trader said that Asian markets were all stronger after the Dow's rally on Friday following Bernanke's speech. The trader said although Bernanke did not announce any stimulus for the US economy, markets have started anticipating the possibility of slightly better growth if Bernanke was prepared to support the economy at a later stage.
"I do expect a bit of a quiet day today because London is closed," the trader added.
By 09:13 local time, the All Share [JSE:J203] had picked up 1.27%, with platinum counters rising 1.98%, the resources index up 1.83%, and industrials lifted 1.08%. Gold miners gained 0.84%, while banks were 0.69% higher, and financials picked up 0.68%.
The rand was bid at 7.09 to the dollar, from 7.17 at the JSE's close on Friday. Gold was trading at $1 817.31 a troy ounce from $1 779.40 at the JSE's previous close, while platinum was at $1 830/oz, from $1 819.50/oz previously.
Dow Jones Newswires reported that European stocks were expected to start higher on Monday, following significant gains in Asia and on Wall Street after Federal Reserve chairman Ben Bernanke's closely watched speech at the Jackson Hole economic symposium warmed sentiment among investors.
Although Bernanke did not announce any new monetary stimulus in his speech, he certainly did not close the door on a move. Bernanke also highlighted his expectation that the US economy would grow faster in the second half than it did in the first.
"The Fed chairman made the usual reassuring comments that the Fed had the needed tools and the resolve to employ them, if economic conditions warranted additional policy measures, while offering no suggestion that new measures were imminent," said Credit Agricole Corporate & Investment Bank.
Jonathan Sudaria, night dealer at Capital Spreads, called Frankfurt's DAX to start up 86 points, or 1.6%, at 5623 and Paris's CAC-40 up 38, or 1.2%, at 3126. London's FTSE 100 is closed for a public holiday.
Meanwhile, Asian equity markets were firmly higher, but banks and property developers dented Chinese markets as Beijing moved to further tighten credit conditions.
Taking a cue from Wall Street's rise Friday, Japan's Nikkei Stock Average was up 0.4%, Australia's S&P/ASX 200 added 1.7%, South Korea's Kospi Composite tacked on 2.8% and Hong Kong's Hang Seng Index gained 1.2%.
Bucking the trend, China's Shanghai Composite Index fell 1.3%.
