Money SA economy
The JSE maintained positive momentum at noon on Monday in trade dominated by the Fifa World Cup and global markets.
At 12.02pm the JSE all share index had gained 1.70%, with resources 1.75% higher and platinum miners 2.20% stringer. Gold miners added 2.35%. Banks were 2.05% up, financials rose 1.75% and industrials edged up 1.04%. Gold was quoted at $1 230.32/oz from $1 218.65/oz at the JSE's previous close, while platinum was at $1 552.50/oz from $1 538.50/oz at the JSE's last close.
A portfolio manager and trader said market sentiment was generally positive. The dollar and firmer commodity prices were supporting resources stocks. The portfolio manager and trader said volumes were thin as expected because some traders were away from the desks owing to the World Cup.
Another trader agreed, saying the market was firm across the board, but volumes were light due to the effect of the World Cup.
The trader said light volumes also as a result of the upcoming holiday and futures close-out.
The local market was taking direction from world markets, which were strong. "This is pretty much the direction we are going to take," the trader said.
On global markets, Asian shares finished higher on Monday as an improvement in US consumer sentiment helped provide support for many of the region's exporters, including auto makers and technology companies in Japan, Dow Jones Newswires reports.
In the US, Dow Jones Industrial Average futures were 63 points higher in screen trade.
On the JSE at noon, Anglo was up R8.84 or 3.07% to R296.53 and BHP Billiton added R5.11 or 2.43% to R215.18. Sasol gained R5.35 or 2.02% to R279.78.
