Money SA economy
South African stocks were pushed higher on Tuesday amid global positive sentiment, while a firm rand also aided local shares, an equities trader noted.
By 5pm the JSE all share index was up 1.28%, the gold mining index gained 2.19%, and resources were 1.27% better, but platinum miners lost 0.64%. Banks collected 1.40%, financials added 1.43% and industrials advanced 1.22%.
The rand was bid at R7.56/$, from R7.64/$ at the JSE's close on Monday. Gold was quoted at $1 126.74/oz from $1 115.97/oz at the JSE's last close. Platinum was at $1 565/oz from $1 549/oz at the JSE's last close.
A local equities dealer said: "Metal prices firmed, the Dow traded higher, and the local market responded to that. We had opened firmer this morning, tracking Asia.
"The earthquake in Chile has continued to feed resources, while a stronger rand has helped local shares," he said.
Dow Jones Newswires reported US stocks opened higher on Tuesday as rising oil and metals prices boosted materials and energy stocks and the dollar weakened.
Meanwhile, assuaging some concerns over weakness in the euro zone, the Greek government is expected to outline on Wednesday a new austerity package of around €4 billion in an effort to cut its huge budget deficit by four percentage points this year, government officials said Tuesday.
On the JSE, Anglo American added R5.34, or 1.91%, to R284.49 and BHP Billiton firmed R4.46, or 1.92%, to R236.96. Sasol shed R2.01, to trade at R283.99.
