The JSE was up more than 3% at midday on Thursday, building on its earlier gains, helped by climbing resource stocks.
The local bourse was also taking direction from European markets, which gained momentum on the back of a more than 2% rally in the Dow overnight.
By midday the all-share index had jumped 3,35%, led by a 4,61% rally in resources, a 2,32% jump in gold miners and a 0,51% rise in platinum counters. Banks collected 3,59%, financials added 2,36% and industrials firmed 2,70%.
The rand was last bid at R10,20 to the dollar from R10,22 when the JSE closed on Wednesday, while gold was last quoted at $770,30 a troy ounce from $767,80/oz at the JSE’s last close.
The platinum price was at $806,50/oz from its previous close of $793,50/oz and Brent crude was at $44,62 per barrel from $45,44 before.
“The likes of Anglos and Billiton took big knocks yesterday, but they have recovered nicely and are holding up well,” an equities trader said.
“European stocks are firm and Dow futures have ticked into positive territory, signalling a higher opening for US stocks,” he said.
“Markets are likely to remain quiet ahead of the ECB and BOE interest rates decisions this afternoon,” he added.
“And of course locally we are also waiting in anticipation for next week’s interest rates decision, hoping we will get an early rate cut,” he added.
Earlier in Asia, the Nikkei was down 1%, while the Hang Seng added 0,7%.
Dow Jones Newswires reports London stocks remained strong, hanging on to earlier gains amid growing expectations that the BOE will slash interest rates aggressively.
The FTSE 100 was last up 1,91%.
On the JSE, resources giant Anglo American was up R14,98, or 8,28%, to R195,98 and BHP Billiton gained R7,76, or 5,11%, to R159,76.
Petrochemicals group Sasol put on R10,40, or 4,16%, to R260,40.
Gold miner AngloGold Ashanti added R4,35, or 1,98%, to R224,30, Gold Fields firmed R1,10, or 1,42%, to R78,50 and Harmony added R3,90, or 4,64%, to R87,90.
Among platinum miners, Impala Platinum collected R2,38, or 2,12%, to R114,88 and Lonmin added R4,50, or 4,59%, to R102,50, but Anglo Platinum shed R8,02, or 2,02%, to R389,98.
In diversified miners, African Rainbow was up R3,64, or 3,98%, to R95,14 and Exxaro firmed R3,80, or 5,94%, to R67,80.
Among industrials, brewer SABMiller rose R7,70, or 5,02%, to R161, Bidvest added R3,25, or 3,23%, to R103,75 and Barloworld collected 55 cents, or 1,45%, to R38,55.
Standard Bank rose R3,35, or 4,40%, to R79,50, Nedbank was up R4,60, or 5,47%, to R88,70, Absa firmed R3,25, or 3,29%, to R102,05 and FirstRand added 35 cents, or 2,47%, to R14,50.
Financial services group RMB Holdings collected 61 cents, or 2,74%, to R22,91 and Investec was up 81 cents, or 2,14%, to R38,70.
Retailer Spar firmed R2,16, or 4,28%, to R52,66 and Steinhoff collected 34 cents, or 3,54%, to R9,94.
Construction group Aveng was up R1,85 rand, or 7,66%, to R26, Murray & Roberts rose R1,97, or 4,99%, to R41,47 and Group Five gained R1, or 3,33%, to R31.
Among telecommunication groups, MTN Group collected R3,95, or 4,39%, to R94, but Telkom eased 12 cents to R99,38. – I-Net Bridge