The JSE made surprise broad gains on Friday, as Kumba Iron Ore and MTN boosted sentiment and helped local equities ignore the weak close on the Wall Street.
By 09.31am local time the JSE all share index had added 0.70% as resources gained 0.99%, platinum miners rose 0.20, and gold miners climbed 0.53%. Banks grew 0.71%, financials picked up 0.46% and industrials increased 0.53%. Gold was quoted at $1 208.72 a troy ounce from $1 208.07/oz at the JSE's previous close, while platinum was at $1 520.00/oz from $1 527.50/oz before.
A trader said the local market posted surprise gains in the morning, as investors welcomed good news from Kumba and MTN.
These two counters, the trader said, played a big role in contributing towards the positive mood on the bourse.
The trader also said the rally this morning could be attributed to a poor close yesterday, when the market seemed to have overreacted.
Dow Jones Newswires reported that Asian shares were mostly lower on Friday, hurt by Wall Street's tepid performance on Thursday and weak US data, while the yen's gains weighed on exporters' stocks in Tokyo.