Money SA economy
The JSE opened firmly in the black on Monday in line with markets in Asia and US futures profiting from positive comments from Ben Bernanke on Friday.
The Federal Reserve chairman vowed to act if "unexpected developments" further threaten the shaky US recovery. By 9.17am local time the JSE all share index had gained 1.28%, with resources 1.83% stronger, platinum miners added 2.67% and gold miners pocketed 0.24%. Banks firmed 0.86%, financials added 0.88%, and industrials garnered 0.99%. Gold was quoted at $1.236.18/oz from $1,241.40/oz at the JSE's previous close, while platinum was at $1.534.50/oz from $1.532/oz before.
A local trader said: "Markets have reacted positively to comments from Ben Bernanke at the end of last week, with Asia firm, and feeding into our markets, along with US futures. The UK is on holiday so we expecting relatively quiet trade with the local bourse keeping a positive outlook."
Dow Jones Newswires reports that European bourses are likely to start higher on Monday in carrying on enthusiasm from Friday on hopes of US monetary easing to cushion the economy there. "It looks like being a positive start to the new week, with stocks expected to be higher across the board. With the earnings season largely behind us, the market will once again focus more on Asian trade as the session matures," according to IG Markets.
UK markets will be closed Monday for the Bank Holiday.
Japanese stocks Monday led an Asian surge higher as Japan's central bank held an emergency meeting on the yen and the government prepared new measures to boost the ailing economy.
