The JSE opened marginally higher on Monday mainly supported by...
The JSE opened marginally higher on Monday mainly supported by commodity stocks, especially gold. Investors are turning to the commodity, which is considered a safe haven following fresh tensions in Korea.
By 09:15 local time the JSE all share index was up by 0.12%, with gold miners rising 1.65%, platinum miners adding 0.39% and resources 0.21% higher. Industrials were up 0.17%, while financials shed 0.16% and banks down 0.14%.
The rand was bid at 6.83 to the dollar, unchanged from the JSE's close on Friday. Gold was quoted at US$1,387.37 a troy ounce from US$1,370.09/oz at the JSE's previous close, while platinum was at $1,703/oz from $1,697.50/oz before.
A local trader said commodities are likely to drive markets today.
"It's been a pretty quiet opening. We saw a recovery in the gold price. The conflict in North Korea could drive the gold price even higher. Sasol is also up quite nicely," the trader noted.
Dow Jones Newswires reports that Asian stock markets are mostly lower on renewed tensions on the Korean peninsula as South Korea began a military drill on its Yeonpyeong island, prompting fears North Korea might retaliate.
Japan's Nikkei Stock Average closed down 0.85%, while in Hong Kong, the Hang Send was last 0.84% weaker.
