THE Johannesburg Stock Exchange opened firmer in early morning trade on Monday as gold and platinum shares recovered on higher commodity prices.
The gold price gained 0.31% to $1,092.76/oz and platinum was up 0.45% at $939.30 after the opening.
The all share was sold off by more than 2% on Friday on the expectation of a US rate hike in December.
Asian markets were mixed on Monday, with the Shanghai Composite index up 1.59%, while the Hang Seng lost 0.24%. The Nikkei 225 climbed 1.96%.
US markets were generally stronger on Friday on the upbeat US data. The Dow closed 0.26% higher.
At 9.29am the all share was up 0.60% at 53,280.30 points and the blue-chip top 40 had added 0.63%. The gold index was up 3.83% and platinums gained 1.09%. Industrials added 0.68% and financials were up 0.49%.
Momentum SP Reid said Friday’s performance left the near-term technical picture on the S&P 500 and Dow largely unchanged as near-term metrics continued to be relatively stretched for the moment.
"Circumspection at current levels continues to be appropriate."
Momentum SP Reid said the JSE traded sharply lower on Friday as the market finally reacted to the overbought short-term position that had been in place for the previous eight to 10 sessions.
Industrials remained above short-term support levels. In the "very short term", resources were oversold, creating the likelihood for a marginal trading rebound, but thereafter additional selling pressure would emerge, Momentum SP Reid said.
Among individual shares on the JSE, Glencore was up 2.64% at R24.89, but BHP Billiton lost 0.41% to R206.51.
ArcelorMittal was down 2.78% at R7 after CEO Paul O’Flaherty warned of an "industry bloodbath" on Friday.
Global luxury goods group Richemont added 2.18% to R114.95 after being sold off heavily on Friday after its results missed targets.
AngloGold Ashanti led gold shares higher, gaining 6.38% to R104.09. It reported on Monday that the group’s South African mines had generated 253,000oz at a total cash cost of $959/oz, a 61,000oz decline from the year-earlier period when it produced 314,000oz at a total cash cost of $902/oz.
Harmony added 2.21% to R10.17.
Lonmin was up 7.22% at R4.01.
MTN fell 1.80% to R154.62.
Furniture retailer Lewis lost 3.80% to R59.50 after it reported a 12.8% drop in first-half diluted headline earnings per share (HEPS).
Construction group Murray & Roberts was down 2.45% at R9.57 after announcing the resignation of the CEO of its oil and gas platform, Kevin Gallagher.
Famous Brands fell 0.34% to R139.53. It announced on Monday that it had acquired 51% of Greek restaurant chain Mythos.
The gold price gained 0.31% to $1,092.76/oz and platinum was up 0.45% at $939.30 after the opening.
The all share was sold off by more than 2% on Friday on the expectation of a US rate hike in December.
Asian markets were mixed on Monday, with the Shanghai Composite index up 1.59%, while the Hang Seng lost 0.24%. The Nikkei 225 climbed 1.96%.
US markets were generally stronger on Friday on the upbeat US data. The Dow closed 0.26% higher.
At 9.29am the all share was up 0.60% at 53,280.30 points and the blue-chip top 40 had added 0.63%. The gold index was up 3.83% and platinums gained 1.09%. Industrials added 0.68% and financials were up 0.49%.
Momentum SP Reid said Friday’s performance left the near-term technical picture on the S&P 500 and Dow largely unchanged as near-term metrics continued to be relatively stretched for the moment.
"Circumspection at current levels continues to be appropriate."
Momentum SP Reid said the JSE traded sharply lower on Friday as the market finally reacted to the overbought short-term position that had been in place for the previous eight to 10 sessions.
Industrials remained above short-term support levels. In the "very short term", resources were oversold, creating the likelihood for a marginal trading rebound, but thereafter additional selling pressure would emerge, Momentum SP Reid said.
Among individual shares on the JSE, Glencore was up 2.64% at R24.89, but BHP Billiton lost 0.41% to R206.51.
ArcelorMittal was down 2.78% at R7 after CEO Paul O’Flaherty warned of an "industry bloodbath" on Friday.
Global luxury goods group Richemont added 2.18% to R114.95 after being sold off heavily on Friday after its results missed targets.
AngloGold Ashanti led gold shares higher, gaining 6.38% to R104.09. It reported on Monday that the group’s South African mines had generated 253,000oz at a total cash cost of $959/oz, a 61,000oz decline from the year-earlier period when it produced 314,000oz at a total cash cost of $902/oz.
Harmony added 2.21% to R10.17.
Lonmin was up 7.22% at R4.01.
MTN fell 1.80% to R154.62.
Furniture retailer Lewis lost 3.80% to R59.50 after it reported a 12.8% drop in first-half diluted headline earnings per share (HEPS).
Construction group Murray & Roberts was down 2.45% at R9.57 after announcing the resignation of the CEO of its oil and gas platform, Kevin Gallagher.
Famous Brands fell 0.34% to R139.53. It announced on Monday that it had acquired 51% of Greek restaurant chain Mythos.
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