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Johannesburg - The JSE pushed higher at noon on
Wednesday, boosted by market players picking up beaten down shares.
The rally in MTN Group [JSE:MTN] shares following the release of its year-end results boosted overall market sentiment.
At 12:00 local time, the JSE All Share [JSE:J203] index was up 0.59% at 33 582.75 points, with gold miners picking up 1.47%, resources lifting 0.88%, and platinums gaining 0.87%.
Financials were up 0.40%, banks added 0.58% and industrials climbed 0.44%
The rand was at 7.63 to the US dollar, from 7.64 at the JSE's close on Tuesday. Gold was quoted at $1 677.05 a troy ounce from $1 670.92 at the JSE's previous close, while platinum was at $1 620.50/oz, from $1 615.50/oz.
"It's bargain hunting at this stage in the absence of any market moving news. Big cap stocks such as Anglo and BHP Billiton are down 13% from their recent highs," said Hennie Fourie, stockbroker at PSG Konsult. "MTN also came out with positive annual results, which triggered a rally in its share price. So far, it accounted for about 15% of the total volumes traded on the JSE."
European stocks treaded water on Wednesday, flitting between small gains and losses, with investors reluctant to make any bold moves ahead of Greece's debt-swap deadline, Dow Jones Newswires reports.
London's FTSE 100 index was up 0.10% at 5 771.30 points.
Greece is hopeful it can achieve participation of around 75% to 80% in the deal, which is aimed at writing down 53.5% of the country's €177bn debt. However, that would still fall short of the 90% needed to avoid the activation of collective action clauses that would force the hand of reluctant investors.
As the Greek deadline on Thursday looms, investors' thoughts turned to which country might be next in the firing line.
Asian stock markets ended lower as renewed concerns over the global growth outlook and uncertainty over the debt swap process in Greece dented investor confidence.
Japan's Nikkei Stock Average fell 0.6% while China's Shanghai Composite fell 0.7%.
The rally in MTN Group [JSE:MTN] shares following the release of its year-end results boosted overall market sentiment.
At 12:00 local time, the JSE All Share [JSE:J203] index was up 0.59% at 33 582.75 points, with gold miners picking up 1.47%, resources lifting 0.88%, and platinums gaining 0.87%.
Financials were up 0.40%, banks added 0.58% and industrials climbed 0.44%
The rand was at 7.63 to the US dollar, from 7.64 at the JSE's close on Tuesday. Gold was quoted at $1 677.05 a troy ounce from $1 670.92 at the JSE's previous close, while platinum was at $1 620.50/oz, from $1 615.50/oz.
"It's bargain hunting at this stage in the absence of any market moving news. Big cap stocks such as Anglo and BHP Billiton are down 13% from their recent highs," said Hennie Fourie, stockbroker at PSG Konsult. "MTN also came out with positive annual results, which triggered a rally in its share price. So far, it accounted for about 15% of the total volumes traded on the JSE."
European stocks treaded water on Wednesday, flitting between small gains and losses, with investors reluctant to make any bold moves ahead of Greece's debt-swap deadline, Dow Jones Newswires reports.
London's FTSE 100 index was up 0.10% at 5 771.30 points.
Greece is hopeful it can achieve participation of around 75% to 80% in the deal, which is aimed at writing down 53.5% of the country's €177bn debt. However, that would still fall short of the 90% needed to avoid the activation of collective action clauses that would force the hand of reluctant investors.
As the Greek deadline on Thursday looms, investors' thoughts turned to which country might be next in the firing line.
Asian stock markets ended lower as renewed concerns over the global growth outlook and uncertainty over the debt swap process in Greece dented investor confidence.
Japan's Nikkei Stock Average fell 0.6% while China's Shanghai Composite fell 0.7%.
