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The JSE board at Sandton, Johannesburg. Photo: Leon Nicholas

The JSE ended firmer on Thursday, mainly tracking the improving sentiment on global equity markets, while a rally in the share price of Anglo American (AGL) added to the momentum.

At 17:00, the JSE all-share index was up 0.62% to 32,216.61 points, with the platinum index recovering 1.19%; resources lifted 0.90%, but the gold index lost 1.63%.

Banks were up 0.39%, financials gained 0.44% and industrials picked up 0.54%.

The rand was trading at 8.02 to the dollar, from 8.00 at the JSE's close on Wednesday. Gold traded at US$1,758.62 a troy ounce from US$1,783.99/oz at the JSE's previous close, while platinum was at US$1,618.20/oz, from US$1,637.50/oz previously.

“We are seeing some positivity coming through to the market. The US weekly jobless claims beat expectations, while Greece named a new Prime Minister,” said Nick Kunze, head of dealing at BJM Private Client Services. “Locally, the Anglo American share price accounted for 20% of the volumes on the JSE following a deal with Japan's Mitsubishi Corporation.”

Japan's Mitsubishi Corporation is now a 24.5% shareholder in Anglo American Sur (AAS), the copper mining complex in Chile that could end up in the hands of Chilean state miner Corporacion Nacional del Cobre de Chile. Mitsubishi paid US$5.39 billion or R58.5 billion for the stake.

Dow Jones Newswires reported that US stocks opened higher on Thursday, rebounding from sharp losses a day earlier, as hope for the beleaguered labour market and strong results from Cisco Systems helped lift investor sentiment.

Stocks got a boost after a reading on unemployment claims offered hints of progress in the feeble labour market. The number of people filing applications for jobless claims dropped last week by 10,000 to a seasonally adjusted 390,000, the lowest level in seven months.

European stocks erased early losses to turn higher. Investors were optimistic that a key Italian economic bill would be approved by the weekend, which would help stem the government's rising borrowing costs and pave the way for Prime Minister Silvio Berlusconi to resign.

Investors also felt some relief after word came that Greece named Lucas Papademos as its new prime minister. - I-Net Bridge