Money SA economy
The JSE followed global markets firmer on Monday, encouraged by a surge in metal stocks and a stronger rand.
At 09.09am the JSE all share index was up 0.55%, with resources 0.97% better, the gold mining index up 0.87% and platinum miners 0.62% higher. Banks collected 0.61%, financials added 0.36% and industrials advanced 0.23%.
A local trader said the market was taking its cue from global markets, which were recovering from the slump in sentiment late last week.
Locally mining stocks were leading the way on the back of Friday's news that Kumba Iron Ore had cancelled its supply agreement with ArcelorMittal. "Firmer metal prices are also coming through," she said, adding that metals and resources stocks were commanding attention. I think we are going to remain in similar territory for the bulk of the day," she said.
Dow Jones Newswires reports that Chile's devastating earthquake is pushing copper prices and resource stocks higher, while Europe's efforts to resolve Greece's debt dilemma gain steam.
Asian stocks were higher Monday as resources stocks advanced after the massive earthquake in Chile drove copper prices up, and investor sentiment was also helped by the general easing in concerns over fiscally-strapped Greece.
On the JSE, Anglo American added R4.50, or 1.63%, to R28 and BHP Billiton firmed R2.35, or 1.02%, to R233.40. Sasol dipped 92 cents to trade at R281.03.
