The JSE took its lead from stronger overseas markets at midday on Wednesday to advance by just over 1%.
At noon, the all-share index was up 1,04%, resources had risen by 0,79%, and the gold and platinum mining indices had added 0,48% and 0,77% respectively.
Banks had improved 1,18%, financials 1,08% and industrials were up 1,31%.
The rand was bid at 7,03 per dollar from 7,01 when the JSE closed on Tuesday, while gold was quoted at $659,25 a troy ounce from $662,25/oz at the JSE’s last close.
“Europe is looking very strong — the market is taking its cue from there,” a Johannesburg-based trader said.
Otherwise some investors were upbeat about another batch of earnings reports due on Thursday from Tiger Brands, Richemont and Nampak, traders said.
London-listed life insurer, Old Mutual — which is due to release its March quarter trading update on Thursday — was up 1,62%, or 40 cents, to R25,15.
AFX reports that that analysts Lehman Brothers expects Old Mutual to report a 4% rise in sales for the first three months of the year to end-March 2007 on good sales in the United Kingdom market.
By noon, the South African market consumer brands group Tiger Brands was off 50 cents to R192,50. The group is also due to report its year-end earnings on Thursday, and a brokerage house has upgraded its earnings forecasts for the group by 3% over the next three years.
On the resources index, Anglo American was up 1,07%, or R4,39, to R415,90 and BHP Billiton had gained R1,10 to R169,10.
Gold miner Anglogold Ashanti was up 25 cents to R305 and Harmony had added 96 cents to R109,80.
Kumba Iron Ore surged 3,04% to R182,38 and coal miner Exxaro improved 1,69%, or R1,14, to R68,40.
Platinum miner Anglo Platinum firmed R11 to R1 230 and Impala Platinum improved R1,26 to R223,26.
Luxury goods group Richemont was 1,86%, or 80 cents, better at R43,90 and global brewer SABMiller strengthened 1,28%, R2,10, to R166,60.
Banking group Absa gained 1,08%, or R1,51, to R141. Absa Corporate and Business Bank has acquired nearly 10% of the “B” shares in JSE listed empowerment group Sekunjalo Investments, it was announced earlier.
The shares are being issued at 82 cents and the cash resources will enhance earnings, Absa said. – I-Net Bridge