Money SA economy
The JSE opened stronger on Wednesday, gathering upward momentum on the back of stronger global equities, despite uncertainty about US economic weakness.
By 09.16am local time the JSE all share index had risen 0.57%, as resources gained 0.88%, platinum miners climbed 0.42%, and gold miners added 1.20%. Banks picked up 0.44%, financials profited 0.52% and industrials firmed 0.34%. Gold was quoted at US$1 163.78 a troy ounce from US$1 159.64/oz at the JSE's previous close, while platinum was at $1 540.50/oz from $1 536.00/oz before.
A trader said the local market was tracking its global counterparts, with US stocks closing stronger and Asian and European shares also looking firmer.
The trader said she did not expect the technical glitch yesterday to have any effect on the market. Trading on Tuesday was delayed for about six hours, and the local market traded for an additional hour to make up for some of the time lost due to the technical glitch, eventually closing at 06.00am.
Dow Jones Newswires reported that Asian shares were mostly higher Wednesday, with the Tokyo market charging ahead on solid corporate earnings from Canon, which put some extra gloss on the already better outlook for Japanese exporters.
European stock markets opened stronger on Wednesday, with US economic weakness adding some downside pressure to Wall Street overnight, but relatively strong earnings news offering a degree of confidence.
In London the FTSE100 was up 21.5 points.
