Money SA economy
The JSE opened stronger on Wednesday on the back of hopes that the US Federal Reserve Chairman Ben Bernanke will make upbeat remarks during his semi-annual testimony later on Wednesday, and in anticipation of an interest rate cut by the Reserve Bank's Monetary Policy Committee (MPC) on Thursday.
By 09.25am local time the JSE all share index had risen 1.25%, as resources gained 1.71%, platinum miners firmed 1.22%, and gold miners were 0.41% firmer. Banks added 1.48%, financials climbed 1.29% and industrials increased 0.80%. Gold was quoted at $1 190.33 a troy ounce from $1 192.45/oz at the JSE's previous close, while platinum was at $1 507.50/oz from $1 504.50/oz/oz before.
A trader said the local market was playing catch up, following the strong performance of US stocks overnight, eyeing Bernanke's testimony later and expectations of a rate cut in South Africa.
The trader also said investors' focus was also on the latest round of US earnings reports.
Dow Jones Newswires reported that Asian share markets traded mostly higher on Wednesday, cheered by Wall Street's late session rally, with steel stocks rising across the region after gains in US peers. It also says European stocks started higher on Wednesday, helped by strong earnings out of the US, which propelled Wall Street off lows to close positively.
