Money SA economy
The JSE opened stronger on Monday on the back of China's announcement regarding its currency regime, which shored up Asian equities.
At 9.32am local time the JSE all share index had gained 1.61% and resources rose 2.62%. Platinum miners rose 3.15% and gold miners added 0.56%. Banks moved 1.47% higher, financials edged up 0.99% and industrials ticked 0.88% firmer. Gold was quoted at $1 262.78/oz from $1 259.18/oz at the JSE's previous close, while platinum was at $1 607.00/oz from $1 583.50/oz at the JSE's last close.
A local trader said the domestic market had a pretty good start today on the back of China's news on the currency peg.
China announced at the weekend that it intended to allow greater flexibility in the yuan's exchange rate. The trader said this announcement boosted commodity prices, which lifted local resources stocks.
"It looks like we are going to have a good day," the trader said.
Globally, Asian stock markets were higher on Monday while regional currencies and the euro rose against the US dollar, after China's decision over the weekend to allow greater flexibility in the yuan's exchange rate, according to the Dow Jones Newswires.
European stocks are expected to start with broad gains, along with several other asset classes, after China's announcement over the weekend that it's increasing the flexibility of its exchange-rate regime ahead of the G20 summit in Toronto, Canada.
Across the Atlantic, Dow Jones Industrial Average futures were up 111 points in screen trade.
