JSE holds on to gains

The JSE hung on to its earlier gains at noon on Monday, but the market lacked direction in light trade with the US closed for the Labor Day public holiday.

By 12.01pm local time the JSE all share index had gained 0.38%, with gold miners rising 1.45% and resources edging up 0.53%. But platinum miners fell 0.14%. Banks lost 0.10%, while financials added 0.08% and industrials firmed 0.40%. Gold was quoted at $1 249.86/oz from $1 244.52/oz at the JSE's previous close, while platinum was at $1 564.00/oz from $1 550.00/oz before.

Mpho Mojalefa, a trader at BJM Private Client Services, said the strong rand was limiting gains.

Dow Jones Newswires reported 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 were higher on Monday as the positive momentum from last week's nonfarm payrolls data continued, although volumes were light with the US markets closed for the Labor Day holiday.

On the JSE, Anglo American gained R2.79 or 1.01% to R279.70 and Sasol rose R4.56 or 1.60% to R289.45. But BHP Billiton fell 77 cents to R213.40.