JSE slightly up on rand strength

Johannesburg - South African stocks were marginally up in midday trade on Monday, led by banking stocks and a stronger rand, according to a Johannesburg-based equities trader.

By 12:00, the JSE all share index had edged up 0.24% with gold counters up 0.59% and platinum miners 1.56% stronger. Resources however declined 0.11%. Banks added 2.24%, financials gained 1.27% and industrials were flat, up 0.12%.

The rand was last bid at R7.84 to the dollar from R7.90 when the JSE closed on Friday. Gold was quoted at $940.20/oz a troy ounce from $940.35/oz at the JSE's last close, and platinum was at $1 188/oz, from $1 196.50/oz at its previous close.

A local trader said: "We seem to be stuck at the moment, but still positive, which bodes well considering Eastern markets ended slightly lower and the Dow closed down on Friday.

"There appears to be good buying on the back of a strong rand. Some of the local stocks are benefiting from the rand strength, with banking stocks doing well, along with platinum miners up after recent dips," he said.

Dow Jones Newswires reports that US stocks are set to open lower, as investors look ahead to the US non-farm payrolls data, due on Thursday at 12:30 GMT, says David Morrison, strategist at GFT.

He called the DJIA down 8424.3, and the S&P 500 off 1.5 points at 917.4. He said the payrolls are a decent excuse for traders to sit on their hands.

"Traders will want to see the employment rate start to fall before they get too carried away," Morrison added.

Before that on the economic front, Chicago Fed national activity index is coming Monday at 12:30 GMT, while US Dallas Fed manufacturing activity index is at 14:30 GMT.

- I-Net Bridge