Money SA economy
The JSE opened firmer on Thursday as the local bourse rebounded from an oversold position on Wednesday as global stock markets strengthened.
A positive close on Wall Street overnight provided support to the local market, Kevin Algeo, portfolio manager at Imara SP Reid, said.
By 9.25am local time the JSE all share index had gained 0.34%, with resources 0.18% higher and gold miners up 0.67%. However, platinum miners lost 0.16%. Banks rose 0.73%, financials edged up 0.37% and industrials firmed 0.48%. Gold was quoted at $1 230.53/oz from $1,221.49/oz at the JSE's previous close, while platinum was at $1 537.50/oz from $1 527.50/oz before.
Algeo said foreign investors sold local shares and bonds on Wednesday, reducing their exposure to emerging markets such as South Africa. "This is not a change in strategy," Algeo said, adding that offshore investors have been net buyers of local securities this year.
On Wall Street on Wednesday, retailers led US stocks slightly higher as better-than-expected earnings from Target lifted fellow department-store chains Kohl's and J.C. Penney. The Dow Jones Industrial Average eked out a gain of 9.69 points to 10 415.54.
Dow Jones Newswires reported that most Asian stock markets traded higher on Thursday, with hopes for further monetary easing measures bolstering Japan, on while uncertainty over a hostile takeover bid by BHP Billiton continued to weigh on Australian shares.
European stocks opened a touch higher, following the positive US and Asian sessions. In early trade in London, the FTSE100 was 0.31% stronger.
