Johannesburg - The JSE posted modest gains in midday trade on Friday in line with global markets and amid a lack of news flow to provide real momentum.
At 12:00 local time the JSE all share index had gained 0.37% with resources 0.38% firmer, but platinum miners fell 0.15%. Gold miners added 0.46%. Banks moved 0.37% higher, financials rose 0.44% and industrials ticked 0.3% firmer.
The rand was bid at R7.52 to the dollar from R7.58 at the JSE's close on Thursday. Gold was quoted at $1 244.59 a troy ounce from $1 245.20/oz at the JSE's previous close, while platinum was at $1 568/oz from $1 569.50/oz at the JSE's last close.
A local trader said that the local bourse was suffering from a futures close-out hangover. "We are very much in line with global markets with no news to provide direction. In fact a lack of news has been quite welcome for the euro which in turn has helped lift markets," he said.
Down Jones Newswires reports that US stocks are expected to be basically unchanged on Friday, marking time as the quarterly expiry of stock and stock index futures and options takes place, according to David Morrison at GFT.
He expects the DJIA and the S&P 500 to open flat at 10 434 and 1116 respectively. He forecasts the week will end on a positive note, but adds there is some trepidation as we enter the second half of the year, with September now the front month for stock index futures. He notes the recent downbeat economic data, including rising US jobless claims, poor retail sales and weaker housing figures.
