Money SA economy
The JSE bounced at its opening on Wednesday tracking markets in Asia, and amid bottom picking on the local bourse.
A local trader noted continued volatility on global markets, with a number of issues still a cause for concern including continued euro-zone debt worries and potential conflict between North and South Korea.
By 9.25am the JSE all share index was 1.33% firmer, with resources 1.74% better off, and platinum miners 2.82% firmer. Gold miners gained 0.84%. Banks ticked 1.79% higher, financials added 1.04%, and industrials were 1% stronger. Gold was quoted at $1 205.65/oz from $1 198.67/oz at the JSE's last close. Platinum was at $1 522.50/oz from $1 490.70/oz at the JSE's last close.
A local trader said: "We have seen a bounce this morning amid some bottom picking. Asia is performing relatively well, and Europe is firmer this morning, but markets continue to be volatile as there are still many issues, including the euro-zone's debt that will not go away. Should we see a sustained improvement today on the local bourse, expect to see some selling in any case," she said.
European stock markets opened sharply higher on Wednesday, as Wall Street's late rebound Tuesday boosted confidence despite continuing worries about the health of the euro and the tensions on the Korean peninsula, according to Dow Jones Newswires.
On Wall Street Tuesday, stocks ended mixed. The Dow Jones Industrial Average fell 0.2% to 10 043.75.
In Asia early Wednesday, stock markets moved higher on Wall Street's late rally despite choppy trading in Seoul amid ongoing tensions on the Korean peninsula.
