The JSE stayed in positive territory at noon on Wednesday, with local technology stocks shining on the back of strong earnings from the US technology giant Intel.
By noon local time the JSE all share index had gained 0.14%. Resources picked up 0.17%, and gold producers were 0.13% stronger. Platinum miners firmed 0.28%. Banks were up 0.38, financials also gained 0.28%, and industrials were flat at 0.06%.
The rand was bid at R7.53/$, from R7.54/$ at the JSE's last close. Gold was quoted at $1 213.51 a troy ounce from $1 214.49/oz at the JSE's previous close, while platinum was at $1 525.50/oz from $1 524.00/oz before.
A trader said the local market was firmer on positive US earnings reports, especially from Intel, which posted earnings that beat analysts' expectations.
"Local technology stocks are the best performing sector thus far," the trader said.
Dow Jones Newswires reported that Asian markets climbed on Wednesday as Intel's strongest-ever quarterly results buoyed technology sector shares, while a robust economic picture in Singapore also aided sentiment.
Japan's Nikkei Stock Average added 2.7 percent, while Australia's S&P/ASX 200 gained 1.9 percent and South Korea's Kospi rose 1.3 percent. Hong Kong's Hang Seng Index rose 0.6 percent and China's Shanghai Composite gained 0.8 percent.
In afternoon trading, India's Sensex was down 0.2 percent, Indonesian shares advanced 0.7 percent and Thailand's SET Index rose 0.3 percent. Dow Jones Industrial Average futures were up 39 points in screen trade.
"We've seen some good reports from Alcoa, CSX and Intel," said Macquarie Private Wealth Private Client Adviser Marcus Droga in Australia. Upgrades on US technology stocks following Intel's results "helped broader market sentiment today," he added.
On the JSE, market heavyweights were mixed, with Anglo American plc losing R1.41 to R277.46, but BHP Billiton pocketing 97 cents to R212.98 and Sasol rising R1.51 to R285.01.
Anglo Platinum lost R2.98 to R733.52, while Impala Platinum added R1.71 to R192.71, Lonmin was up 25 cents to R170.00.
Gold miners showed a mixed picture, with AngloGold Ashanti shedding 40 cents to R315.50, but Harmony climbing R1.07 or 1.34 percent to R81.00.
Among diversified miners, Kumba was up 91 cents to R343.91, while Exxaro declined 80 cents to R112.00. Assore rallied R27.00 or 3.86 percent to R727.00.
Steel producer ArcelorMittal made a 66 cent gain to R78.51.
As for the industrials, BAT was up R2.00 to R261.50, but Compagnie Richemont gave up 53 cents or 1.84 percent to R28.23.
Telecommunications group Telkom shaved off 66 cents to R32.90, and MTN fell 50 cents to R110.34.
Technology firms rose on the Intel news. Didata scooped 15 cents or 1.30 percent to R11.73, and Datatec rallied 70 cents or 2.19 percent to R32.70.
In the banking sector, Absa rose R1.25 to R135.00, and Nedbank increased 57 cents to R133.49.
Media group Naspers fell 41 cents to R282.60. The group said on Wednesday that a subsidiary of Myriad International Holdings B.V. (MIH) had entered into agreements regarding its interest in Mail.ru, the leading Russian internet communication and gaming company.
MIH would exchange its 39.3 percent stake in Mail.ru and invest a further $388 million - around R2.9 billion - cash to obtain a 28.7 percent economic interest in Digital Sky Technologies (DST) - one of the largest Internet companies in the Russian-speaking market.
Separately, Naspers has hired Barclays PLC, Citigroup, and JP Morgan Chase & Co as joint bookrunners for a dollar-denominated bond issue, Dow Jones Newswires quoted one of the banks as saying on Wednesday.
Naspers plans to meet bond investors on a roadshow in Europe, the US,and Asia, and a deal is expected to follow, subject to market conditions. The company is rated Baa3 by Moody's Investors Service Inc., and BBB- by Fitch Ratings. - I-Net Bridge
