Money SA economy
The JSE had extended gains by noon on Monday, propelled by HSBC Holdings plc's proposed acquisition of a controlling shareholding in Nedbank Group.
Firmer European markets and US futures also bolstered the positive sentiments.
By 12.02pm local time the JSE all share index was up 0.80%, with resources climbing 1.14% and platinum stocks gaining 0.58%. But gold miners lost 0.91%. Banks rose 0.84%, financial counters firmed 0.79% and industrials were up 0.49%. Gold was quoted at $1 226.68/oz from $1 226.03/oz at the JSE's previous close, while platinum was at $1 507.50/oz from $1 516.00/oz before.
Kevin Algeo, portfolio manager at Imara SP Reid, said the local equity market was generally up, except gold counters. Algeo said the proposed HSBC-Nedbank deal added to an increase in mergers and acquisition activities in South Africa and abroad.
US futures were last trading 36 points higher and the FTSE 100 was stronger, Algeo said.
Dow Jones Newswires reported that Asian stock markets traded lower on Monday, with shares in Sydney resilient despite uncertainty over who would form Australia's next government after the country's federal election resulted in a hung parliament.
European stocks were marginally higher on Monday, helped by a rise in mining stocks and acquisition news, although recent downbeat fundamental data continued to haunt the markets. In London, the FTSE100 was 0.75% stronger.
On the JSE, Anglo American added R4.99 or 1.87% to R272.20, BHP Billiton gained R4.34 or 2.10% to R211.00, and Sasol climbed R1.00 to R282.50.
