Money SA economy
The JSE opened slightly higher on Friday with rising commodity prices and upbeat US corporate results boosting sentiment, while the forthcoming publication of the European bank stress tests tempered the positive mood.
By 09.32am local time the JSE all share index had risen 0.50%, as resources gained 1.01%, platinum miners climbed 1.19%, and gold miners added 0.25%. But banks lost 0.21%, while financials were almost unchanged (0.03%) and industrials firmed 0.26%. Gold was quoted at $1 198.12 a troy ounce from $1 194.85/oz at the JSE's previous close, while platinum was at $1 535.50/oz from $1 527.00/oz before.
Mpho Mojalefa, trader at BJM Private Client Services, said a big run in commodity prices overnight and US corporate earnings were the real market drivers. "US corporate results do not only beat estimates, but companies are also presenting a bullish outlook," Mojalefa said.
A surge on Wall Street drove Asian stock markets higher on Friday, with construction equipment makers gaining on strong earnings from the US's Caterpillar and regional technology plays rising after Qualcomm's earnings spurred a rally on Nasdaq.
On the JSE, Anglo American plc rose R3.56 or 1.26% to R287.06, and BHP Billiton gained R2.96 or 1.32% to R226.36. Sasol improved R1.05 or 1.74% to R293.00.
