JSE tracks global stocks firmer

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The JSE. Photo: Simphiwe Mbokazi.

The JSE lifted during its opening session on Tuesday‚ tracking relatively positive sentiment among investors on bets of economic stimulus by some central banks.

At 09:20 local time‚ the JSE all-share index was up 0.29% to 33‚170.92 points‚ with resources gaining 0.60% and gold counters rallying 1.35%‚ while platinum counters dipped 0.10%.

Financials inched up 0.11% but banking stocks were flat (-0.01%)‚ while industrials were 0.14% in the black.

The rand was trading at 8.48 to the US dollar‚ unchanged from the JSE's close on Monday‚ while gold was quoted at US$1‚616.69 a troy ounce from US$1‚613.59/oz at the JSE's previous close and platinum was at $1‚441/oz‚ from $1‚431/oz at the previous session.

“Speculation is rife that the US Federal Reserve might react following the disappointing jobs report last month‚” said Devin Shutte‚ a trader at stockbrokerage Newstrading. “There are bets of economic stimulus from the European Central Bank and China during the course of this year. But there is nothing concrete at this stage.”

Asian markets edged higher on Tuesday as the heavy sell-off abated in the absence of fresh negative news‚ allowing investors to look ahead to forthcoming key policy meetings‚ Dow Jones Newswires reported.

A group of G7 finance ministers and central bankers will hold a teleconference later today to discuss developments in the eurozone‚ with Spain expected to be a focus of discussion.

Later in the week the European Central Bank will hold its rate-setting meeting‚ where it is expected that it could slice 0.25 percentage points from its key policy rate. There is also some speculation among analysts that the central bank could announce liquidity injections into Europe's financial system.

Japan's Nikkei was up 1.04% and Hong Kong's Hang Seng index gained 0.72%.

European stock markets also opened higher‚ with Germany’s DAX gaining 0.43% while the UK’s FTSE remains closed for a public holiday.

On the JSE‚ Anglo American (AGL) lifted R1.26 to R259.58‚ BHP Billiton (BIL) gained R1.50 to R222.60 and Sasol (SOL) garnered R1.42 to R356.92.

AngloGold Ashanti (ANG) rallied R3.65‚or 1.16%‚ to R317.25‚ Gold Fields (GFI) lifted R2‚ or 1.73%‚ to R117.50 and Harmony Gold Mining (HAR) added R1.30‚ or 1.49%‚ to R88.39.

Northam Platinum (NHM) was up 31 cents‚ or 1.21%‚ to R26.01 and Aquarius Platinum (AQP) recovered 25 cents‚ or 3.03%‚ to R8.50.

Among other miners‚ ArcelorMittal SA (ACL) was up 63 cents‚ or 1.23%‚ to R51.98.

In industrials‚ British American Tobacco (BAT) was off R1.24 to R400.

MMI Holdings Limited (MMI) gained seven cents to R16.90. The financial services group announced that it would acquire Momentum Short-Term Insurance from OUTsurance at a yet-to-be determined purchase price. - I-Net Bridge


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