The JSE opened higher on Tuesday‚ though in lacklustre trade‚ as the market followed firmer Asian markets and shrugged off weakness in US markets.
US markets closed lower on Monday‚ as the last trading day of November witnessed some marginal profit-taking. The Dow traded 78 points lower‚ giving up 0.44%‚ while the S&P 500 was 10 points in the red‚ a loss of 0.46%.
The Shanghai Composite rose 0.32% and the Hang Seng gained 1.79% in early morning trade on Tuesday. The Nikkei 225 firmed 1.34%.
At 9.51am‚ the all share was up 0.34% to 51‚783.50 and the blue-chip top 40 gained 0.44%. The gold index led the gainers‚ up 2.76%‚ and resources firmed 2.52%. Industrials rose 0.23%‚ but platinums lost 0.21%.
Momentum SP Reid said the general yield environment continues to drive overall trading action‚ as market participants are increasingly focused on any data related to the trajectory of potential market policy actions from the Federal open market committee.
“The interest rate hike has been largely priced in by the market‚ but the yield rate adjustment has become the central topic of the trading backdrop as traders try to discern the potential for additional rate hikes from the Federal open market committee in 2016‚” Momentum said.
On the local market‚ Momentum SP Reid said resources were exceptionally oversold and received some improved support from a volume perspective on Monday.
Among gold stocks Sibanye was 3.91% firmer at R19.66.
Impala Platinum firmed 3.38% to R32.69.
Standard Bank was 1.26% lower at R128.21. Standard Bank plc‚ Standard Bank’s previous London business‚ agreed to pay a penalty of $32.8m (about R470m) as part of what was alleged to be a suspicious transaction in Tanzania.
Liberty Holdings dropped 1.08% to R128.35.
Naspers rose 0.69% to R2‚169.61.
Asset manager Coronation Fund Managers was 1.51% weaker at R59.85.
– TMG Digital/BDlive
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