Money SA economy
The JSE opened in positive territory on Tuesday as the US markets ended firmly in the black overnight, thanks to stellar earnings from Citigroup, and as precious metals prices rose.
By 9.19am the JSE all share index was up 0.82%, with resources 1.03% stronger, gold miners 0.48% better and platinum miners 1.96% higher. Banks added 0.64%, financials garnered 0.55%, while the industrial index collected 0.67%.
Gold was quoted at $1 139.42/oz from $1 133.88/oz at the JSE's last close. Platinum was at $1 699/oz from $1 689/oz at the JSE's last close.
A local trader said the strong earnings from Citigroup had seen a nice turnaround for the Dow.
"We are in the middle of reporting season in the US, so all eyes are on that. Metals prices are also firmer, which is helping the local markets too," said a local trader.
Global brewing giant SABMiller (SAB) released a trading statement this morning, which was given the thumbs up by the markets, both here and in London.
The group said that for the 12 months ended March 2010, on an organic basis, lager volumes were level with the prior year, following growth of 2% in the fourth quarter. Full year soft drinks volumes grew 2% on the same basis.
Dow Jones Newswires reported European markets, shaking off the week's bad news, are likely to see some bargain hunters come out and drive markets at least tentatively higher, with beaten-down financials in the lead.
Asian shares are mixed, with regional financial and airline stocks recovering some of their prior day losses. Buyers, however, remained cautious on lingering concerns following Friday's news that US regulators had filed civil fraud charges against Goldman Sachs.
On the JSE, Anglo American was R2.86 higher at R327.50, while BHP Billiton added R2.77 or 1.12% to R249.50. Sasol was up R2.27 to R297.27.
