South African stocks saw a firmer opening on Monday morning on the back of firmer global markets, supported by resource and precious metal counters.
At 9.20am the JSE all share index had gained 1.16 percent, with resources up 1.99 percent, platinum producers strengthening 1.91 percent and gold miners firming 2.60 percent. Banks and financials collected 0.54 percent and 0.52 percent respectively, and industrials were up 0.57 percent.
The rand was bid at R7.36/$, from R7.47/$ when the JSE closed on Friday. Gold was quoted at $1 130.30/oz from $1 105.97/oz at the JSE's last close, and platinum was at $1 405/oz, from $1 387.50/oz at its previous close.
"We have a firm start on the market this morning. Risk appetite continues in these markets and that has put some pressure on the dollar," an equities trader said.
"With the weak dollar, commodity prices are stronger, with gold reaching another all-time high. This supports the resources, gold and platinum stocks."
"That, along with firmer world markets, gave us a positive start," he said.
"For the day we might stay at the levels. We might just stay above 27 000 for the day," he added.
Dow Jones Newswire reported that stocks climbed amid some better-than-expected earnings reports, with Walt Disney propelling the DJIA higher and retailer JC Penney getting a boost from investors.
The gains in the stock market came despite reports showing a decline in US consumer sentiment in November and a widening of the trade deficit in September.
Art Hogan, chief market analyst at Jefferies & Co, said reports from some retailers on Friday showed better-than-expected activity by consumers, catching the market by surprise.
Also, equity investors have begun hoping for a pickup in mergers and acquisitions amid a spurt of deal making in the technology sector, he said.
"M&A is likely to go up and that is being priced in," said Hogan.
The DJIA rose 73 points, or 0.72 percent, to 10270.47, up 2.46 percent for the week.
The Nasdaq added 18.86, or 0.88 percent, 2167.88, up 2.6 percent for the week. And the S&P 500 index rose 6.24, or 0.57 percent, to 1093.48, up 2.26 percent for the week.
Asian shares are mostly higher on Monday with gold stocks leading in Sydney as the precious metal hit another record high.
Hong Kong's Hang Seng was last up 1.5 percent and Japan's Nikkei ended 0.2 percent higher.
European bourses are likely to start higher as investors put aside some caution from last week about the strength of the rally going into the year's end.
Back in Johannesburg, Anglo American Plc gained R5.92, or 1.89 percent, to R319.27 and BHP Billiton advanced R4.65, or 2.09 percent, to R227.23.
Petrochemicals group Sasol was up R4, or 1.38 percent, to R294.
ArcelorMittal rose R1.90, or 1.73 percent, to R111.90 and Kumba Iron Ore added R4.90, or 1.96 percent, to R255.
AngloGold Ashanti firmed R8, or 2.45 percent, to R335, Gold Fields put on R2.69, or 2.55 percent, to R108.29 and Harmony strengthened R2.47, or 3.20 percent, to R79.75.
Platinum miner Anglo Platinum jumped R11.51, or 1.71 percent, to R683.51, Impala Platinum was R3.04, or 1.82 percent higher, at R170.04 and Lonmin was up R3.31, or 1.67 percent, to R202.01.
Lonmin earlier reported platinum sales of 682 955 ounces for the year to end September 2009. This was 2 percent below its Marikana target and 6 percent lower than last year's full year sales.
Revenue for the year halved to $1.1-billion from $2.2-billion last year and the company reported an operating loss of $142-million for the year, against an operating profit of $764-million a year ago. This resulted in $272-million loss before tax, against a $779-million profit before tax in the year to end September 2008.
A loss per share of US163.7c a share was reported versus a US277.7c profit per share a year back. No final dividend was declared.
In diversified miners, African Rainbow advanced R1.74, or 1.06 percent, to R165.50 and Exxaro firmed R1.51, or 1.66 percent, to R92.51.
Among industrials on the JSE, brewer SABMiller collected 75c to R207.20 and Barloworld was up 60c, or 1.21 percent, to R50.30.
Barloworld earlier reported diluted headline earnings per share of 280.5c for the year ended September 2009 from 606.1c a year ago. HEPS from continuing operations were 348.1c versus 607.6c previously.
The company declared a total dividend of 110c per share. Cash generated from operations was up 20 percent to R4.469-billion, reflecting strong operating cash generation in a difficult trading environment. Operating profit after the BEE transaction charges decreased 25 percent to R1.994-billion.
CEO Clive Thomson said Equipment Southern Africa delivered a solid operating performance while the automotive division performed exceptionally well in a very difficult year for the industry. The southern African handling and logistics businesses returned "satisfactory" results.
Banking group Standard Bank edged up 57c to R96.97 and Absa put on R1.15 to R129.15.
Financial services group Old Mutual rose 19c, or 1.36 percent, to R14.20 and Sanlam was up 35c, or 1.58 percent, to R22.52.
Media group Naspers added R3.23, or 1.15 percent, to R284.23.
Retailer Spar put on 90c, or 1.34 percent, to R67.90, Foschini added R1, or 1.72 percent, to R59.30 and Clicks collected 30c, or 1.17 percent, to R26.
JD Group collected 22c to R41.22. It earlier reported an 85 percent drop in its full year diluted headline earnings per share from 298.3c to 44.2c in the year to end August 2009. The group maintained its final dividend at 41c a share.
Revenue grew by 2.5 percent to R12.9-billion for the year to end August 2009, from R12.6-billion the year before. Operating profit before debtors' costs was R1.8-billion, up 3.5 percent on 2008.
If the once off restructuring costs of R98-million are excluded, the group's like-for-like operating profit before debtors costs increased by 9.3 percent. Operating profit after debtors costs of R646-million showed a decline of 18.9 percent on the previous year's R797-million as a result of the restructuring costs and a 23.5 percent increase in the bad debts charge to R1.1-billion from R898-million a year ago.
Construction group WBHO lost R1.71, or 1.47 percent, to R114.52.
Among telecommunications groups, MTN Group edged up 45c to R120.25, but Telkom declined 41c, or 1.01 percent, to R40.34 and Vodacom weakened 47c to R55.53. - I-Net Bridge
