| By Gareth Vorster, I-Net Bridge | Published:Sep 07, 2009 | |
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The JSE firmed by noon on Monday, pushed by gold miners and platinum stocks, amid "non-existent" trade as the US celebrates Labour Day. At 11.55, the JSE all share index had gained 1%, with resources firming 1.40%, platinum counters adding 2.10% and gold miners collecting 0.64%. Banks edged up 0.17%, financials inched up 0.14% and industrials put on 0.99%. The rand was bid at 7.58 to the dollar, from 7.63 when the JSE closed on Friday. Gold was quoted at US$993.50 a troy ounce from US$987.97/oz at the JSE’s last close, and platinum was at US$1,259/oz, from US$1,252.50/oz at its previous close. A local trader said: "With the US on holiday today, trade is practically non-existent. "Of interest is the stronger rand, targeting 7.50 against the dollar, but despite that, gold continues to be the big story leading the way along with resources. "Lonmin is also trading nicely following talk of a bid from Xstrata," the trader said. Dow Jones Newswires reported that European stocks surged at the open, lifted by a GBP10.2 billion offer from Kraft Foods for Cadbury, which saw the food and beverage sector surge. Although Cadbury rejected the deal, news of the possible resurrection of merger activity provided a lift to markets. Meanwhile, Asian stock markets were mostly higher after Wall Street rose Friday as the pace of U.S. job losses slowed. | ||
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