Money SA economy
The JSE pushed a little higher at the open on Friday but its gains were offset by the firmer rand against the US dollar on mining stocks, a local trader said.
By 9.21zm the JSE all share index was up 0.6% at 27 466.34, with resources down 0.26%, and platinum miners 0.08% firmer. Gold miners shed 1.29%. Banks ticked 0.61% higher, financials added 0.41%, but industrials were 0.14% better. Gold was quoted at $1 213.11/oz from $1 215.03/oz at the JSE's last close. Platinum was at $1 559.50 /oz from $1 548.50/oz at the JSE's last close.
A local trader said: "We opened slightly firmer on positive sentiment following the global equity markets. The Dow finished in positive territory, and the Asian stocks this morning are looking positive. However, the strong rand against the US dollar offset the little gains, particularly the mining stocks."
Meanwhile, Down Jones Newswires reports that the European stock markets were expected to start higher on Friday, with Wall Street's rally on Thursday offering support as worries start to ease over Europe's debt situation, fuelling investors' appetite for risk.
Asian shares were rising on Friday after Wall Street surged on Thursday with the financial sector leading markets in South Korea and Australia higher.
