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Johannesburg - The JSE opened slightly firmer on Monday,
buoyed by firmer Asian stocks.
There are no major announcements scheduled for today, but a
local trader said he expected resources to play a bigger role on the local
market.
At 09:03 local time, the JSE All Share [JSE:J203] index was
up 0.22%, with gold miners 0.52% firmer, platinum miners advancing 0.71% and
resources having gained 0.39%. Industrials notched up 0.15%, banks got off to a
slow start - down 0.12% - and financials shaved 0.12%.
The rand was trading at R7.57 to the US dollar, from R7.56
at the JSE's close on Friday. Gold was quoted at $1 663.03 a troy ounce from $1
658.21 at the JSE's previous close, while platinum was at $1 677/oz from $1
676/oz.
"Commodities stocks were under pressure of late and
what we are seeing is a recovery of late", Chris Wehmeyer portfolio
manager at PSG Konsult said.
Asian shares were mostly higher on Monday on the back of
lingering optimism over the recovery in the global economy but the advances
were tempered by US data that came in below expectations.
Global investors have grown bullish in recent weeks after
Greece agreed on a debt write-down with private creditors qualifying it for a
bailout while the US has also provided weeks of good news that point to a
brighter future.
"It seems traders are becoming more bullish with every
week that passes," said Justin Harper, markets strategist at IG Markets in
Singapore.
"With a total eurozone meltdown in the rear view mirror
and a US economic recovery gaining traction there is plenty to be positive
about," he said in a note to clients, according to Dow Jones Newswires.
Consumer prices picked up in February, but almost entirely
due to surging petrol prices as food prices were flat, and the core consumer
price index rose just 0.1% - slower than in January.
The Federal Reserve also said industrial output was flat in
February, following a 0.4% rise in January.
And the University of Michigan index of consumer confidence
fell slightly, after analysts had forecast a rise.
The Nikkei ended up 12 points and the Hang Seng index in Hong Kong added 50 points.
