The JSE was modestly firmer at its opening on Thursday, digesting a rally of more than 550 points in the previous session.
By 09:17 local time, the JSE all-share index was up 0.14%, with resources gaining 0.51%, gold miners firming 0.66% and platinum miners advancing 0.24%. Financials picked up 0.07%, but banks slipped 0.07% and industrials lost 0.21%.
The rand was bid at 6.77 to the dollar from 6.79 at the JSE's close on Wednesday. Gold was quoted at US$1,428.13 a troy ounce from US$1,418.13/oz at the JSE's previous close, while platinum was at $1,779.50/oz, from $1,759.50/oz previously.
A trader said: “We have seen a slow start this morning as the market tries to find its footing following strong gains yesterday. Asia was moderately higher following a positive session in the US.”
Dow Jones Newswires reported that most Asian stock markets were modestly higher on Thursday, but many investors remained cautious ahead of key US jobs data, while China's shares were hurt by renewed concerns about further monetary tightening from Beijing.
The Nikkei gained 0.5%, the Hang Seng Index added 0.2%, the Kospi advanced 0.7%. The Shanghai Composite however, declined 0.6%.
Investors took their cue from Wall Street's higher close on Wednesday and a positive sign for the US labour market. US private-sector payrolls rose by 201,000 jobs in March, according to the ADP National Employment Report on Wednesday.
European stocks are expected to open little changed on Thursday, with traders maintaining their positions as they wait for Friday's crucial US employment report.
“Traders are more confident to sit on their positions now that the ADP hasn't thrown up any surprises, and solidified traders' expectations of a similar result for tomorrow's nonfarm payroll figure,” said Jonathan Sudaria, a trader at Capital Spreads. - I-Net Bridge
