Money SA economy
The JSE shrugged off weaker global markets in midday trade on Thursday, posting modest gains as investors focused on South Africa's economic fundamentals and stable financial system, ignoring euro-zone debt worries and Moody's downgrade of Spain's government bond rating.
Financials and industrial stocks performed well but mining counters were subdued owing to the strong rand, an analyst said.
By 11.54am local time the JSE all share index had risen 0.55%, with resources gaining 1.12% and gold miners firming 0.26%.
Platinum miners were flat - up just 0.04% Banks added just 0.03%, financials picked up 0.07% and industrials advanced 0.31%. Gold was quoted at $1 312.68/oz from $1 309.93/oz at the JSE's previous close, while platinum was at $1 658.50/oz from $1 650.00/oz at the JSE's previous close.
The analyst said the local market was firmer because the domestic economy is in better shape and the financial sector is strong.
"South African fundamentals are robust," the analyst said. "South Africa is seen as a gateway into Africa, attracting foreign companies such as HSBC and Wal-Mart."
In the US, initial jobless claims and gross domestic product data will be watched later today.
Dow Jones Newswires reports that Asian stocks ended weaker on Thursday, with Japan's Nintendo dropping sharply after slashing profit forecasts, but shares in China rose despite the introduction of new property tightening measures.
European stocks fell, with "peripheral" euro-zone debt concerns at the forefront of investors' minds following Moody's downgrade of Spain's government bond rating.
On the JSE, Anglo American climbed R6 or 2.16% to R284 and BHP Billiton advanced R3.99 or 1.8% to R226, but Sasol eased R1.00 to R311.50.
