Money SA economy
The JSE opened slightly firmer on Thursday, bolstered by firmer commodity prices, but lacks direction due to holidays overseas keeping trading volumes light.
Gold stocks picked up where they left off on Wednesday, rising despite the strong rand, which is limiting gains, a local trader said. By 09.20am local time the JSE all share index had risen 0.15%, with resources gaining 0.29%, platinum miners adding 0.08%, and gold miners up 0.51%. Banks and financials were both up 0.04% and industrials were 0.08% higher.
Gold was quoted at $1 292.13 a troy ounce from USD1,290.20/oz at the JSE's previous close, while platinum was at USD,638.00/oz from USD1,633.50/oz at the JSE's close previously.
The trader said a lack of market-moving news and holidays in Asia had made for a quiet start.
"Commodity prices look good, ensuring that much of the activity in the morning session comes from mining stocks. This is where the market strength comes from," she said.
Dow Jones Newswires reports that Asian shares were mixed on Thursday in holiday-thinned trade, with Thai telecommunications firms falling after a court ruling dashed hopes that an auction for 3G wireless spectrum would proceed. Markets in Japan, South Korea, China and Hong Kong were shut for public holidays.
European stock markets opened higher, as market participants use Wednesday's decline in equities, prompted by the latest Federal Open Market Committee meeting minutes, to build modest long positions ahead of the next batch of economic data.
