Money SA economy
The JSE gained half a percent in midday trade on Wednesday, buoyed by commodity stocks amid a weak dollar.
By 12pm local time the JSE all share index had found 0.53%, with resources gaining 0.16%, platinum miners up 0.38%, but gold miners gave up 0.07%. Banks moved 0.74% higher, financials picked up 0.64% and industrials advanced 0.81%. Gold was quoted at USD1,308.35 a troy ounce from USD1,305.59/oz at the JSE's previous close, while platinum was at USD1,647/oz from USD1,633/oz at the JSE's previous close.
A local trader said: "The JSE has profited from gains by commodities, due to dollar weakness, with the euro testing 1.35. The gold price continues to test new levels, providing a safe haven for investors until further clarity on the dollar," he said.
Dow Jones Newswires reports that US stocks are expected to open lower Wednesday, tracking losses in Europe on further concerns over the credit ratings of Spain and Ireland. Jawaid Afsar, trader at Securequity said: "As there are not many data points to act as catalysts, profit taking is expected as the strong month of September comes to an end, and overall, the markets' upside is intact for now."
European stocks pushed lower Wednesday, with the banking sector hit by further concerns over the credit ratings of some of the outlying euro-zone members.
On the JSE, Anglo American rose 30 cents to R281.80, Sasol added four rand or 1.29% to R314.80, but BHP Billiton lost 44 cents to R223.28.
