THE JSE opened firmer on Tuesday as Sasol bounced back from oversold levels with the help of a slightly stronger oil price. The JSE was following Asian markets higher, with the Nikkei 225 gaining 0.42% and the Hang Seng index adding 1.42%. US markets closed weaker on Monday. The Dow Jones industrial average lost 0.68% and the S&P 500 closed down 0.68% — finally trading below its five-day moving average after one of the longest uninterrupted runs in the history of the index. At 9.30am the all share index was up 0.29% to 48,999.11 points and the blue-chip top 40 index gained 0.29%. Gold was the main driver, gaining 2.83% as the gold price rose above $1,200/oz again. Resources were up 1.48% and platinums added 1.24%, while industrials were flat. Financials lost 0.20% and banks were down 0.27%. Imara SP Reid said in an early morning note that US markets could experience a slight reversal in the near term as volatility has picked up again. Purchasing managers index (PMI) data released on Monday indicated the eurozone had avoided recessionary levels by the smallest of margins. Imara said that the falling JSE on Monday reflected a "surprisingly assertive reflection of technical indicators", which suggested that some residual selling pressure remained in the market. "Early losses occurred in a very brisk manner with technical aspects related to the futures and options market also playing a role," Imara said. Resources were oversold, but a sustainable trend reversal remained slim. "Some technical improvement is likely to emerge," Imara said. After falling 6.8% on Monday, Sasol started the day more positively, recouping some losses by climbing more than 3% after the opening. At 9.30am it was up 2.91% at R443.03. This followed a recovery in the Brent crude oil price to more than $72 a barrel in earlier trade. Sibanye was the firm favourite among gold counters, adding 4.56% to R20.16. Harmony was up 4.05% to R19. Among platinum stocks, Impala Platinum rose 2.22% to R80.65 after being heavily sold in previous sessions. Glencore Xstrata led mining stocks higher, up 1.40% to R55.94. Anglo American was up 1.18% to R226.26. Market heavyweight Naspers gained 1.21% to R1,419.99. Telkom was up 0.43% to R69.50 after hitting a high of R69.94 on Monday. Diversified financial services group Alexander Forbes Group Holdings, which relisted in July, was flat after earlier reporting interim headline earnings per share (HEPS) rose to 12c from a loss of 23c in the previous interim period. Some banks recorded tentative upward movements in early morning trade. Barclays Africa rose 0.54% to R176, but FirstRand lost 0.62% to R48.35.

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