JSE gains more at lunch

The JSE posted modest gains in midday trade on Friday in line with global markets and amid a lack of news flow to provide real momentum.

At 12:00 local time the JSE all share index had gained 0.37% with resources 0.38% firmer, but platinum miners fell 0.15%. Gold miners added 0.46%. Banks moved 0.37% higher, financials rose 0.44% and industrials ticked 0.3% firmer. Gold was quoted at $1,244.59/oz from $1,245.20/oz at the JSE's previous close, while platinum was at $1,568/oz from $1,569.50/oz at the JSE's last close.

A local trader said that the local bourse was suffering from a futures close-out hangover. "We are very much in line with global markets with no news to provide direction.

"In fact a lack of news has been quite welcome for the euro which in turn has helped lift markets," he said.

Down Jones Newswires reports that US stocks are expected to be basically unchanged Friday, marking time as the quarterly expiry of stock and stock index futures and options takes place, according to David Morrison at GFT.

European stocks maintained moderate gains while Asian markets ended mixed Friday, with Shanghai shares tumbling as investors took profits in a range of stocks that recently outperformed the benchmark index.

Japan's Nikkei Stock Average finished flat, with exporters extending losses on the yen's strength against the US dollar.

On the JSE at noon, Anglo was down 49 cents to R300.29 but BHP Billiton gained R3 or 1.39% to R218.20. Sasol lost R1.27 to R288.73.