JSE up, but curbed by Billiton

The JSE ended in positive territory on Tuesday, but a local trader said that additional gains on the bourse were curbed after Potash Corporation of Saskatchewan (PotashCorp) rejected a takeover bid from global resources giant BHP Billiton.

At its close the JSE all share index had gained 0.35%, with platinum miners up 1.31%, but resources declined 0.34%. Gold miners were flat. Banks advanced 0.42%, financials were 0.81% higher and industrials firmed 0.8%. Gold was quoted at $1,226.13/oz from $1,224.80/oz at the JSE's previous close, while platinum was at $1,544.50/oz from $1,5320/oz before.

A local dealer said: "We opened up well, in line with international markets this morning, with commodities firm, but Billiton weighed on further gains after news that Potash Corp rejected its take-over offer.

"Potash Corporation of Saskatchewan, the world's largest fertiliser company by capacity, rejected an approach by BHP Billiton, to acquire the company for $130 a share.”

Dow Jones Newswires reported that US stocks climbed on Tuesday as earnings from key retailers gave investors reason to focus on encouraging corporate reports rather than the latest round of mixed economic data.

Asian stock markets traded modestly higher on Tuesday, but weakened towards the close.

Japan's Nikkei Stock Average ended down 0.4%, while in Hong Kong the Hang Seng closed 0.12% firmer.