Money SA economy
The JSE followed global markets firmer on Tuesday morning, with local shares enjoying good support following promising economic data.
At 9.19am the JSE all share index was up 0.58%, with resources 0.68% better, the gold mining index up 1.24% and platinum miners 0.89% higher. Banks collected 0.98%, financials added 0.67% and industrials advanced 0.42%.
Gold was quoted at $1 115.90/oz from $1 115.97/oz at the JSE's last close. Platinum was at $1 551/oz from $1 549/oz at the JSE's last close.
A local trader said the JSE was "looking quite good in places," with banks looking positive and telecoms company MTN seeing "some nice moves and beginning to recover from recent weakness".
"The market has done very well over last few sessions. Local resources share came under a bit of pressure, but they are now at levels where they are starting to see some support, after being oversold," he said.
He added that there have also been some positive local economic indicators, notably the GDP growth and yesterday's PMI reading, and these, along with the firmer rand particularly against the pound and euro, were helping local shares.
Dow Jones Newswires reports that European stock markets are likely to open little changed as investors take a more selective approach pending a resolution of the Greece debt dilemma.
