JSE opens higher on Greek hopes

that commodity prices had picked up and the euro had stabilised against the dollar.
SABMiller stock dropped in price this morning after the group’s bid for Australian brewer Foster’s, the local trader said.
By 09.22am local time, the JSE all-share index was up 0,50 percent, with resources rising 0,92 percent and platinum miners gaining 0,99 percent.
Gold miners and industrials, however, were both flat. Elsewhere, banks picked up 0,89 percent and financials were 0,62 percent higher.
The rand was last bid at 6,73 to the dollar from 6,77 at the JSE’s close on Monday.
Gold was quoted at US$1 543,23 a troy ounce from US$1 538,61/oz at the JSE’s previous close, while platinum was at US$1 747/oz, from US$1 729,50/oz previously.
The local trader said investors were of the opinion that the Greek debt crisis might come closer to resolution.
Dow Jones Newswires reported that Asian stock markets were mostly higher in choppy trade yesterday as concerns over Greece’s debt crisis eased somewhat, with Foster’s Group surging in Sydney after rejecting a multibillion-dollar takeover bid from London-based SABMiller.
Investors were encouraged by European officials’ resolve to prevent a Greek debt default.
But traders remained cautious as they focused on the outcomes of a no-confidence vote against the Greek government later in the day and the US Federal Reserve rate-setting meeting today.
“What’s positive is that the Dow Jones (Industrial Average) rose for three consecutive days as the US market builds up some tolerance to the ongoing Greece risk, but weak global economic data in the second quarter is leading to downward revisions in earnings forecasts for certain sectors,” said Hyundai Securities analyst Bae Sung-young in South Korea.
Japan’s Nikkei Stock Average rose 1,13 percent, South Korea’s Kospi Composite added 1,4 percent, Hong Kong’s Hang Seng Index was unchanged, and China’s Shanghai Composite rose 0,7 percent. – I-NET BRIDGE