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Johannesburg - The JSE was up a fraction at its opening on Thursday
tracking US futures ahead of weekly jobless claims out later in the United
States.
By 09:17 local
time the JSE all share index had gained 0.08%, as platinum miners climbed
0.26%, and gold miners added 0.74%, but resources slipped 0.23%. Banks picked
up 0.69%, financials profited 0.44% and industrials firmed 0.20%.
The rand was
bid at R7.28 to the dollar from R7.33 at the JSE's close on Wednesday. Gold was quoted
at $1 167.36 a troy ounce from $1 161.05/oz at the JSE's previous close,
while platinum was at $1 547.50/oz from $1 536.50/oz before.
A trader said:
"It's a slightly firmer start this morning for the local bourse, tracking
US futures ahead of US jobless data which should provide further direction.
"Locally,
PPI (Production Price Index) is out later, but that shouldn't really be a
factor," she said.
European stock
markets opened in positive territory as they weigh up the competing influences
of disappointing US economic data but upbeat second quarter corporate earnings,
according to Dow Jones Newswires.
On Wednesday,
market sentiment was dampened after data showing demand for US durable goods
slid for a second straight month in June. At the same time, the Federal
Reserve's latest beige-book report pointed to signs that the economic recovery
may be running out of steam, adding to the market's disappointment.
"With the
support that we've seen of late from strong corporate earnings being
insufficient to keep the rally going and with Asian markets struggling off
those US leads, we're eyeing a mixed open at best in Europe," said Ben
Potter, research analyst at IG Markets.
Market
participants' focus now really seems to be on the ongoing second quarter
earnings season and company outlook statements are key, as views from chief
executives on potential earnings will drive share price momentum, Potter added.
Looking ahead
to Thursday's economic data plate, US weekly jobless claims is at 12:30.
In Asia early
on Thursday, stocks were mostly lower as sentiment was rattled by concerns over
the US economic recovery.
Among the
region's bourses, Japan's Nikkei Stock Average was down 0.6%, and Hong Kong's
Hang Seng benchmark lost 0.1%.
- I-Net Bridge