JSE edges up‚ miners lead

2012-07-20 10:24

Johannesburg - The JSE edged up in the opening session on Friday‚ boosted mainly by some buying interest in the resources sector.

Traders‚ however‚ expected some profit taking going into the weekend‚ after what has been a fairly good week for equity markets.

At 09:25 local time‚ the JSE All Share [JSE:J203] index was up 0.24% to 34‚373.77 points‚ with resources gaining 0.80%‚ gold shares lifting 1.13% but platinum counters dipped 0.27%.

Financials were flat (0.03%)‚ as were banking stocks (0.01%) and industrials (-0.02%).

The rand was little changed at R8.19 to the US dollar‚ from R8.18 at the JSE’s close on Thursday‚ while gold changed hands at $1 584.47 a troy ounce from $1 587.79/oz at the JSE’s previous close and platinum was quoted at $1 417.50/oz‚ from $1 411.70/oz previously.

“On the whole‚ it has been a fairly positive week for the markets. While macroeconomic data continue to be softer‚ the US corporate earnings have impressed on the upside so far‚” said Devin Shutte‚ a trader at stockbrokerage Newstrading.

Leading European share markets opened lower‚ with London’s FTSE 100 losing 0.30%.

Financial markets are expected to be firmly focused on the official approval of the Spanish banks’ bail-out‚ Dow Jones Newswires reported.

Eurozone finance ministers are expected today to formally approve the Spanish memorandum of understanding regarding the country’s banks bail-out deal.

Asian markets were mixed‚ with Japan’s Nikkei average ending the session down 1.43%‚ while the Hang Seng index was flat by 09:25 SA time.