Money SA economy
The JSE was lifted by commodities this morning amid a record gold price.
By 9.28am the JSE all share index was 0.46% firmer, with resources 0.46% higher, and platinum miners 0.98% stronger. Gold miners added 0.95%. Banks were 0.15% to the good, financials gained 0.86% and industrials were 0.29% richer.
Gold was quoted at $1 1234.46/oz from $1 219.67/oz at the JSE's last close. Platinum was at $1 699/oz from $1 691/oz at the JSE's last close. Gold's previous record price was $1 226.30/oz on December 3 last year.
A local trader said: "We are seeing some buying interest on the all share with some bottom picking taking place. Markets however are still very cautious about the long-term effects of the bailout package in Europe and a deal between the Liberal Democrats and Conservatives in the UK.
"Gold is trading at a record high which has helped commodities this morning," he said.
European stocks traded lower with negative sessions in the US and Asian markets overnight adding weighing amid mounting skepticism toward the eurozone bailout package, the Dow Jones Newswires reported.
On Wall Street Tuesday, stocks fell as rising inflation in China led investors to expect further tightening in that country, prompting worries over the potential impact on demand for companies reliant on global growth, while questions over the European Union's bailout plan also weighed on investors.
In Asia early Wednesday, shares mostly lower with metal stocks weak in China on concerns Beijing may introduce new credit tightening measures to keep property prices under control.
