JSE still up at lunch

The JSE was still well in the black in midday trade, kept aloft by stronger resource counters on the back of a slight recovery in metal prices.

Traders said there was also still a lot of interest being expressed in interest rate-sensitive stocks, indicating that some players could be looking for another rate cut.

At noon, the JSE all share index was up 0.73%, with resources gaining 1.04%, gold miners picking up 2.05% and platinum miners firming 0.66%. Banks pocketed 1.12%, financials found 0.97% and industrials were up 0.29%.

Gold was quoted at $1,117.05 a troy ounce from $1,102.22 at the JSE's last close. Platinum was at $1,620.50/oz from $1,586/oz at the JSE's last close.

"The market opened firmer after the Dow saw a positive turnaround last night. And although some of the other markets are coming off again, metal prices are looking a bit better and resources are firming, so our market is firmer.

"We're also seeing a lot of interest in interest rate-sensitive stocks. So some players could be hoping for another rate cut," a local equities trader said.

Dow Jones Newswires reported that European stocks were steady Friday, with investors continuing to keep an eye on developments in China and possible moves to dampen the overheating economy there, while a vacuum of fundamental data this week has left the markets struggling for direction.

On the JSE, Anglo American added R3.30, or 1.11% to 299.30 rand and BHP Billiton gained R2.24 at R246.12. Sasol pocketed 202 cents to R284.40.