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which generated large volumes.
Resources led the way, with banking stocks in negative territory amid some profit taking. A local trader noted thin volumes, following a futures close-out.
“There is not a lot of movement today, but resources appear to be supporting the market’s gains.
“Financials are struggling a little bit, possibly as a result of some profit taking with FirstRand recently reporting some good results, among others.”
He said that eyes would turn to the US in the afternoon session, to drive further direction for the remainder of the session.
By 12:00 local time, the JSE all-share index added 0,28 percent with resources collecting 0,68 percent, while gold gathered 0,56 percent and platinum miners were at a firmer (0,06 percent).
Banks declined 0,82 percent, financials dipped 0,24 percent, but industrials gained 0,15 percent.
The rand was bid at R7,38/$ from R7,41/$ at the JSE’s close on Thursday. Gold was trading at US$1 776,51 a troy ounce from US$1 776,18 at the JSE’s previous close, while platinum was at US$1
804,50/oz, from US$1 783/oz previously.
Dow Jones Newswires reported that US stock markets were expected to open lower on Friday, as investors reassessed their initial reaction to Thursday’s news of concerted central bank action to provide US dollar liquidity to Europe’s troubled banks, said GFT.
“The first reaction was positive, but now there is a feeling that the co-ordinated move highlights just how serious the European banking crisis has become,” it added.
GFT called the DJIA down 50 points at 11,378 points. Attention would turn to last Friday’s economic agenda, which included Treasury international capital flows data and the University of Michigan confidence report.
European stocks edged higher last week amid cautious hope that the meeting of European finance ministers in Poland may result in some more decisive action in tackling the European debt crisis.
Spanish Finance Minister Elena Salgado said the main goal of the meeting of finance ministers was to “reinforce” efforts to calm market tensions, and ministers will be “trying to reinforce the mechanisms that we have to fight against this uncertainty in markets”.
Salgado said she hopes to see a “clear response” to the situation in Greece.
On the JSE, Anglo American added R2,41 to R294,91, BHP Billiton gained R2,75 or 1,18 percent to R235,75 and Sasol improved a mere 22 cents to R343,20.
Among gold shares, AngloGold Ashanti moved R2,30 higher to R339,50, and Harmony gained 98 cents or 1,05 percent to R93,99.
In platinum stocks, Amplats gained R2,00 to R562, Northam, however, declined by 42 cents or 1,19 percent to R35, but Aquarius advanced R1,22 or 4.71 percent to R27,10.
Among diversified miners, Assore lost R2,75 or 1,24 percent to R219,50, while Kumba Iron Ore dropped R6,55 or 1,36 percent to R474,49. – I-NET BRIDGE.
Online Reporter