Metal stocks boost JSE

Johannesburg - The JSE remained firm at noon on Wednesday, led by gains in resources and platinum miners. This was largely in line with world markets, where resources stocks are also a feature.

At noon the JSE all share index was 0.97% higher, with resources up 1.48%, platinum miners collecting 2.25% and gold miners 0.52% firmer. Banks were up 0.79%, financials added 0.63%, while industrials collected 0.56%.

The rand was bid at R7.43 to the dollar from R7.45 when the JSE closed on Tuesday. Gold was quoted at $1 121.45 a troy ounce from $1 111.24 at the JSE's last close, and platinum was at $1 584.00/oz, from $1 560/oz at the bourse's previous close.

A local equity trader said global stocks were looking firm and resources have been a feature worldwide today. Resource stocks are being buoyed by the weaker US dollar and better than expected corporate results in the US.

There is a feeling that the US economy is showing some growth and the economic recovery is good news for resource stocks.

"Over the last two weeks the market fell back quite a bit and now we are seeing bargain hunters coming back into the market at the lower levels," he added.

Dow Jones Newswires reports Asian markets ended higher on Wednesday as resource-related and technology stocks climbed on buoyant commodity prices and a strong close on Wall Street.

China's Shanghai Composite gained 2.4%, Hong Kong's Hang Seng Index rose 2.2% and Japan's Nikkei 225 climbed 0.3%.

Dow Jones Industrial Average futures were three points higher in screen trade. The DJIA's 1.1% rise Tuesday fuelled the buying but investors remained cautious ahead of key earnings reports and US jobs data due later in the week.

In London, the FTSE100 was last up 0.37%.

- I-Net Bridge