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JSE follows world stocks higher

The JSE edged up in early trade on Wednesday‚ taking its lead from world markets‚ after a positive start to the US fourth-quarter corporate earnings season last night.

At 9.34am‚ the all share index was up 0.17% at 40‚222.14 points‚ with the top 40 index up by the same margin at 35‚691.76.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

“The markets are still looking for the catalysts post the US fiscal cliff deal. The state of US corporate balance sheets will determine whether we get a further leg up or much-needed pullback. Markets have thus far welcomed Alcoa’s results‚ which kicked off the US earnings season‚” said Devin Shutte‚ a trader at stockbrokerage Newstrading.

The all-share index is up 2.57% so far this year.

Leading Asian shares were mostly higher on Wednesday‚ with Japan’s Nikkei average index rising 0.67% while Hong Kong’s Hang Seng index gained 0.44%.

Among individual stocks on the JSE‚ Aquarius Platinum (AQP) recovered 1.99% to R8.70 and financial services group MMI Holdings (MMI) lifted 1.24% to R22.90 while construction group WBHO (WBO) lost 1.47% to R161 and property fund Hyprop (HYP) gained 1.18% to R77.20. - I-Net Bridge

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