JSE stays firm ahead of US speech

The JSE remained strong at noon on Wednesday, extending earlier gains as investors waited for US Federal Reserve Chairperson Ben Bernanke to deliver his semi-annual testimony to Congress later today.

By noon local time the JSE all share index had risen 1.63%, as resources gained 2.09%, platinum miners firmed 1.52%, and gold miners were 0.13% firmer. Banks added 1.81%, financials climbed 1.69% and industrials increased 1.13%. Gold was quoted at $1 191.17 a troy ounce from $1 192.45/oz at the JSE's previous close, while platinum was at $1 512.00/oz from $1 504.50/oz/oz before.

A local trader said the market had gained strength on the back of Bernanke's pending testimony later today.  "Bernanke's forthcoming testimony is what is driving the local market at the moment," the trader said.

There are hopes that Bernanke will make upbeat remarks during his semi-annual testimony to Congress later on Wednesday.
Dow Jones Newswires reported that European stocks rose sharply on Wednesday, helped by continuing positive sentiment regarding US earnings and more evidence of merger & acquisition activity. However, a degree of nervousness remains ahead of comments from Federal Reserve chairperson Ben Bernanke. - I-Net Bridge