The JSE remained in positive territory by noon on Friday thanks to a rally in resource counters and firm European markets.

By noon, the JSE all share index had added 1.56 percent with resources firming 3.05 percent. However, platinum miners fell 3.37 percent and gold miners weakened 1.42 percent.

Banks collected 0.74 percent, financials were up 0.92 percent, and industrials edged up 0.19 percent.

The rand was last bid at 9.94 to the dollar, from 10.14 when the JSE closed on Thursday. Gold was quoted at $935.95/oz a troy ounce from $942.55 at the JSE's last close, and platinum was at $1065/oz from its previous close of $1064/oz.

"In the short term, the market has been behaving very irrationally. But there is a kind of feeling that the stimulus package might work, and there are some signs of a slight recovery," an equities trader said.

"People are starting to see positive signs. Resources are dictating the market. They tumbled recently and are now seeing a rebound on bargain hunting."

"However, some shares still remain negative. Gold counters have been a safe haven in uncertain times, and when confidence seeps in, people realise that there are some quality companies that have been undervalued," he said.

Dow Jones Newswires reports that the FTSE 100 came off earlier highs, but still in positive territory. News is thin on the ground, said a trader and there is little direction. He said the market was rather stagnant as it awaited further information on US plans to help homeowners. Also volumes are unexciting. In the absence of any significant UK economic data, traders will have an eye on eurozone GDP at 10am GMT, and then the Michigan consumer sentiment index at 2.55pm GMT.

The FTSE 100 was last 1.73 percent.

US stocks are expected to rise at the open, building upon the momentum seen in the last hour of trade on Thursday, said Martin Slaney, trader at GFT Global Markets.

He called DJIA to open up 48 points and S&P 500 up 5.4 points.

I-Net Bridge