Money SA economy
The JSE opened stronger on Monday, as world markets cheered Friday's better-than-expected US nonfarm payrolls data.
However, the strong rand and the Labor Day public holiday in the US on Monday limited gains as investors were reluctant to commit, Mpho Mojalefa, trader at BJM Private Client Services, said.
By 9.22am local time the JSE all share index had gained 0.55%, with gold miners rising 1.12%, resources edging up 0.67% and platinum miners climbing 0.71%. Banks were flat, while financials added 0.27% and industrials firmed 0.56%. Gold was quoted at $1 250.07/oz from $1 244.52/oz at the JSE's previous close, while platinum was at $1 563.50/oz from $1 550.00/oz before.
Mojalefa said the latest US jobs data had a positive effect on world markets and the local market. "There is not much commitment today as the US will be closed for a public holiday," he said.
The strong rand kept rand-hedge stocks in check, limiting gains, Mojalefa said.
Dow Jones Newswires reports that Asian stock markets were mostly higher on Monday, as construction stocks rallied in New Zealand after a weekend earthquake there and Apple-related plays gained in Taiwan.
European stocks opened higher on Monday, as the positive momentum following the better-than-expected US nonfarm payrolls data last week is set to continue. In London, the FTSE 100 index was last up 0.46%.
