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Johannesburg - The JSE extended gains by noon on
Monday, pushed up by firm mining counters and positive global markets.
At 12:01 the JSE all share index had gained 1.54%, with resources up
2.79%, platinum producers strengthening 2.35% and gold miners firming 2.06%.
Banks and financials collected 0.48% and 0.59% respectively, and
industrials were up 0.64%.
The rand was bid at 7.39 to the dollar, from 7.47 when the JSE closed on
Friday. Gold was quoted at $1 131.85 a troy ounce from $1 105.97 at the
JSE's last close, and platinum was at $1 419.50/oz, from $1 387.50/oz at
its previous close.
"We are still looking positive. Nothing has changed from this morning.
We are up on world markets and the resources are still looking good," a
trader said.
"Europe is looking quite strong. At the moment, it looks like the Dow
will open higher as well. Our bourse is being driven by the resources,
platinum and gold stocks."
"It's mainly the miners keeping us at these levels," he said.
Dow Jones Newswire reported that the FTSE 100 stayed up after hitting an
'09 high of 5357.29. The mining sector continues to pace the advance on the
back of a weak dollar. Lonmin tops the leader board, +6.4%, while Xstrata
+5%. "We are now looking at 5425 [a fibonacci retracement] as the next
serious resistance," said David Morrison at GFT. There is no UK economic
data due, but in the US, retail sales at 15:30 will be eyed, with
traders expecting a strong rise.
The FTSE 100 was last up 1.13%.
US stocks are called to open higher on Monday as traders react
positively to firmer Asian markets overnight and a weaker dollar, said David
Morrison at GFT. He called the DJIA up 70 points and the S&P 500 up nine
points. The view that low interest rates will be around for the foreseeable
future is pressuring the dollar, leading to "a rally in equities and other
risk assets that offer a yield," said Morrison. Lowe's and Home Depot are
slated to report earnings, while retail sales at 15:30 are arguably the
most important data of the week, he says. Business inventories also due at
17:00 GMT.
- I-Net Bridge