JSE up more than 1%

The JSE maintained its upward momentum at noon on Monday, supported by China's currency regime announcement made over the weekend.

At 12:01 local time the JSE all share index had gained 1.29% with resources 2.23% firmer. Platinum miners rose 3.06%, but gold miners lost 0.67%. Banks moved 0.77% higher, financials edged up 0.51% and industrials ticked 0.69% firmer. Gold was quoted at $1,257.92/oz from $1,259.18/oz at the JSE's previous close, while platinum was at $1,603.50/oz from $1,583.50/oz at the JSE's last close.

A trader said major indices barring gold were strong on the back of China's announcement. China announced at the weekend that it intended to allow greater flexibility in the yuan's exchange rate, boosting global stocks across the world.

Despite the strong rand, other resources stocks rose, led by BHP Billiton and Anglo American.

The trader said gold shares gave up earlier gain probably because there was no flight from risky assets at the moment. Improved risk appetite amid higher commodity prices and news from China of greater forex flexibility saw the South African rand on the front foot.

Dow Jones Newswires reported that Asian stocks were sharply higher on Monday, while regional currencies and the euro rose against the US dollar after China decided over the weekend to allow greater flexibility in the yuan's exchange rate.

On the JSE, Anglo surged R6.66 or 2.24% to R303.49, and BHP Billiton gained R7.21 or 3.32% to R224.06. Sasol added R6.05 or 2.12% to R291.75.