Money SA economy
The JSE was a smidgen firmer in noon trade on Thursday as commodity prices recovered amid renewed hopes of a rescue package for Greece.
At 12pm the JSE all share index was up 29%, with resources having gained 0.29% and platinum miners up 0.80%. But gold miners remained flat (-0.09). Banks, however, were up 0.69% and financials up 0.56%, with industrials adding 0.10%.
Gold was quoted at $1,093.70 a troy ounce from $1,091.51/oz at the JSE's last close. Platinum was at $1,587/oz from $1,586/oz at the JSE's last close.
"We had a quiet start this morning. We were expecting to be lower like other markets at the time, but there's been a pick-up in commodity prices which is helping big resource caps.
Financials and banks are also doing well. All eyes now are on the MPC's rate decision this afternoon," a local equities trader said.
The Reserve Bank's Monetary Policy Committee releases it decision on interest rates at around 3pm.
The trader said the market had been unmoved by producer price inflation data for February which was slightly better than expected.
South Africa's producer price index (PPI) registered growth of +3.5% year-on-year (y/y) in February from +2.7% y/y in January, Statistics South Africa (Stats SA) data on Thursday showed.
Dow Jones Newswires reports that European stocks were flat to slightly higher Thursday ahead of a two-day European summit on which investors are pinning their hopes for a Greek rescue package.
In Asia, stock markets ended mostly lower, but exporters held up the Tokyo market.
On the JSE, Anglo American was 183 cents firmer at R302.33 and BHP Billiton gained 39 cents to R246.50. Sasol was down 70 cents at R281.80.
