Money SA economy
The JSE stayed stronger at noon as local investors digested the results of European bank stress tests and remained cautious in line with global equities.
By noon local time the JSE all share index had gained 0.19%, as resources added 0.11%. But platinum miners lost 0.45%, while gold miners garnered 0.48%. Banks rose 0.18%, financials were up 0.29%, and industrials edged up 0.25%. Gold was quoted at $1 189.49 a troy ounce from $1 190.22/oz at the JSE's previous close, while platinum was at $1 543.50/oz from $1 542/oz before.
A trader said the local market was monitoring developments on the global stock markets, which were flat amid caution.
The trader said investors were digesting the results of the stress tests, which found that only seven out of 91 banks would have to raise new capital.
The market was questioning the credibility of these tests, she said.
Dow Jones Newswires reported that European stock markets traded marginally lower on Monday, as early relief over Friday's release of European bank stress tests gave way to a degree of scepticism over the rigor of the tests.
Most Asian markets advanced Monday as investors reacted with relief to the results of the European bank stress tests released on Friday, although the gains were modest as doubts remained over the health of the lenders there.
On the JSE, Anglo American plc rose 38 cents to R288.75, and Sasol improved R2.11 to R294.11. But BHP Billiton lost 13 cents to R224.39.
