The JSE opened more than 200 points in the black on Monday with gold miners leading the upside as market participants looked for bargains at the current oversold levels.

By 09.20am, the JSE all share index had added 1.23 percent, with resources collecting 2.52 percent, platinum miners rising 2.43 percent and gold stocks jumping 5.50 percent.

Banks were flat (down 0.04 percent), as were financials (up 0.03 percent) while industrials edged up 0.42 percent.

The rand was last bid at 10.24 to the dollar, from 10.36 when the JSE closed on Friday. Gold was quoted at $894.35/oz a troy ounce from US$880.35/oz at the JSE's last close, and platinum was at $957/oz from its previous close of $955.50/oz.

"This is a bounce from very, very oversold levels. Everyone is looking for bargains and there is possibly some short covering too," an equities trader said.

"Gold stocks are holding firm and that is because the bullion price is up nicely. With most of the Asian markets closed for a public holiday, we are in for a quiet session today," he added.

I-Net Bridge

RSS
Digg
de.li.cious
facebook