The JSE added nearly 1,5% by noon on Wednesday, led by firm resources with gold miners particularly strong.
The JSE all-share index was up 1,46%, with gold mining stocks rising 5,44%. Resources added 2,73%, with platinum miners increasing 1,12%.
Industrials added 0,96%, while banks shed 2,31% and financials lost 0,37%.
A local trader said: “The JSE is trading off stronger levels today with resources all looking stronger. Gold and platinum are all firmer with AngloGold and Harmony up 5%. We seem to be trading on that at the moment.
“We are being aided by a weaker rand,” the trader added.
The rand was last trading at 8,52 from its previous close of 8,38.
“Dow Jones Newswires reports US stocks are expected to pull back slightly at open, as investors consolidate to form a base before the markets can drive on further,” says David Morrison, strategist at GFT.
He calls DJIA to open down 15 points at 8 395 and S&P 500 down 3 at 900,8.
“After a rally lasting two months, stock indices feel overextended and fragile,” he says.
“The danger is if a pullback extends into broader based selling,” he adds.
Mortgage applications are due at 11.00am GMT, the ADP employment report at 12.15pm GMT and oil inventories at 14.30pm GMT. Cisco Systems and News Corp report earnings.
Among movers on the JSE, Anglo American was up R3,31, or 1,7%, to R198, with BHP Billiton profiting R4,49, or 2,45%, to R188.
Gold miner AngloGold Ashanti was up R16, or 5,80%, to R292, Gold Fields climbed R5,02, or 5,31%, to R99,52 and Harmony rose R4,02, or 5,09%, to R83,02.
Platinum miner Anglo Platinum added five rand or 1% to R505, with Impala Platinum picking up R2,56 or 1,56% to R166,48. Lonmin added R7,79 or 3,99% to R202,99.
Petrochemicals group Sasol also benefited from good sentiment, adding R8,51 or 3,19% to R275.
Steel maker ArcelorMittal however, shed 30 cents to R84,70. The group said on Wednesday it proposes to acquire approximately 10% of the issued ArcelorMittal shares from shareholders on a pro rata basis, for a consideration of R87,64 per share.
Among industrials, British American Tobacco added R7,25 or 3,65% to R206. The group said earlier that it has had a good start to 2009 and is continuing to build on the success achieved in 2008.
Releasing its interim management statement for the quarter ended March 2009, the group said volumes from subsidiaries increased 7% to 170 billion and all four Global Drive Brands grew volume, with overall growth of 7%.
Brewer SABMiller also profited, picking up R6,06 or 4,06% to R155,50.
Among retailers, JD Group added R1,19 or 3,47% to R35,50, with Lewis up R1,50 or 3,49% to R44,50. Woolies however gave up 24 cents, or 1,9%, to R12,40 while Massmart lost R1,95 or 2,47% to R76,95.
Construction firm Group Five declined R1,70 or 5,15% to R31,30.
Sappi added or R1,76 or 7,41% to R25,51, following earlier losses when the group on Tuesday reported a basic loss per share of 7 US cents for the quarter ended March 2009. Rival Mondi added R3,12 or 11,19% to R31.
Among banker, Standard Bank declined R1,98, or 2,33%, to R83, while Absa gave up R2,40, or 2,41%, to R97,15. Nedbank shed R1,01, or 1,13%, to R87,99.
Telecommunications group Telkom lost R1,99, or 1,66%, to R118,01, while MTN gained 80 cents R118,10. — I-Net Bridge