Money SA economy
The JSE was firm at its opening on Thursday, in line with global markets.
By 9.25am the JSE all share index gained 1.52%, with resources 1.84% firmer, and platinum miners up 1.6%. Gold miners added 0.58%. Banks were 1.66% stronger, financials added 1.5%, and industrials were 1.15% firmer. Gold was quoted at $1 224.36/oz from $1 219.16/oz at the JSE's previous close. Platinum was at $1 564/oz from $1 548/oz at the JSE's last close.
A local equity trader said: "We are strong across the board this morning, in line with international markets. Eyes will turn towards the US later with the release of some jobs data, to provide further direction."
European stocks opened sharply higher Thursday, following positive sessions on Wall Street and in Asia, and a turnaround by energy shares, according to Dow Jones Newswires.
"Asian stocks bounced on the back of foreign capital [flowing] back into the region, near-term deferral of European sovereign/debt issues, and expectations of mildly positive data flow coming out of the US," said Credit Agricole.
All eyes will be on the oil majors, which are expected to stage a rebound - particularly BP, whose shares were up in New York following a devastating week for the company's stock.
However, Credit Agricole said it is likely that the markets will tread water ahead of the US nonfarm payrolls data on Friday.
On Wednesday, US stocks rose, led by the energy sector, as investors viewed the recent declines in companies such as Halliburton, Baker Hughes and Exxon Mobil as overdone, while a better-than-expected report on pending home sales also boosted sentiment.
