Money SA economy
The JSE edged into the black in early trade today pushed up by commodity counters with the gold price rallying to a new all-time high above US$1,200.
At 09.22am the JSE all share index had edged up 0.34%, with resources collecting 0.69%, gold miners up 0.98% and platinum producers gaining 1.22%.
Banks were flat, down 0.01% as were financials and industrials, up 0.05% and 0.07% respectively. The rand was bid at R7.30 from the dollar, from R7.32 when the JSE closed yesterday.
Gold was quoted at $1,211.80/oz from $1,193.05/oz at the JSE's last close, and platinum was at $1,491/oz, from $1,476/oz the bourse's previous close.
"We have edged up this morning on the back of strong international markets. The Dow was up last night and Asia was strong this morning," an equities trader said.
"Commodities, particularly gold and platinum, are leading us higher. The gold price has hit a new all-time high, but in rand terms the price is not getting anywhere.
"The rand is still very strong and it may hold us back. I would look out for this rand.
"Also there was very strong manufacturing data in the US last night and locally our PMI was also strong. US futures are flat at the moment, so we will have to wait and see.
"We will get direction form the US," she said.
Dow Jones newswires reported that an ease of concern about the Dubai World debt crisis had Caterpillar and other global firms lifting the Dow Jones Industrial Average to a new closing high for the year yesterday.
