JSE builds on early gains

The JSE extended earlier gains at noon on Friday, elevated by local heavyweights including Anglo American, MTN and BHP Billiton with the three stocks surging more than 2% each.

By noon local time the JSE all share index had rallied 1.31% as resources gained 1.81%, platinum miners rose 1.61, and gold miners climbed 1.00%. Banks grew 1.45%, financials garnered 0.92% and industrials increased 1.00%. Gold was quoted at $1 206.03 a troy ounce from $1 208.07/oz at the JSE's previous close, while platinum was at $1 524.50/oz from $1 527.50/oz before.

A trader said most of the domestic market activity was concentrated on Anglo, MTN and BHP Billiton. These three counters, the trader said, contributed to much of the strength, making up collectively 42% of the turnover on the local bourse thus far today.

Global markets, especially US futures, also boosted sentiment, the trader said.

Dow Jones Newswires reported that Asian markets ended mixed on Friday, with Japanese shares tumbling as a strong yen dragged on exporters before a long weekend.

European stocks rose modestly on Friday, helped by the oil majors after the successful testing of BP's well cap boosted confidence that the Gulf of Mexico crisis is nearing an end.

On the JSE, Anglo American plc rallied R6.06 or 2.21% to R280.71 and BHP Billiton surged R5.29 or 2.51% to R214.25. Sasol rose R1.67 to R287.67.