The JSE staged a turnaround and managed to close higher on Wednesday, taking direction from a rally on Wall Street with banking and financial counters offering firm support.

By 5pm, the JSE all share index had edged up 0.71 percent with resources flat, down 0.04 percent. However, platinum miners collected 2.25 percent and gold counters added 2.40 percent.

Banks firmed 4.11 percent, financials were up 2.76 percent and industrials collected 0.60 percent.

The rand was last bid at 9.40 to the dollar from 9.46 when the JSE closed on Tuesday. Gold was quoted at $929.47/oz a troy ounce from $921.60/oz at the JSE's last close, and platinum was at $1118.50/oz from its previous close of $1112.50/oz.

"We did manage to close higher on the markets after taking direction from firmer trade on Wall Street," a trader said.

"The rand is staying strong and these metal prices were lower today.

"The Dow is up, but we need to remember that it is coming off extremely low levels, so the market is not out of the woods yet. There is, however, still a lot of money sitting on the sidelines," he said.

Dow Jones Newswires reports US stocks leaped in early trade on Wednesday after better-than-expected reports on demand for durable goods and new-home sales added to a recent string of more encouraging economic news.

Some recent data, particularly on housing, have hinted at a possible moderation in the recession. Data on Wednesday morning showed new-home sales climbed for the first time in seven months in February, though the report also indicated prices tumbled. Earlier this week, a report showed existing-home sales also jumped last month thanks to increased interest in foreclosure properties in some hard-hit regional markets.

The report pushed up stocks of builders, as the SPDR S&P Homebuilders ETF jumped about eight percent. The fund has gained 19 percent over the last month amid the wider improvement in the stock market.

At the time the JSE closed, the DJIA had gained 2.11 percent.

Among equity movers on the JSE, Anglo American was down 1.56 percent to 170.78 rand and BHP Billiton gave up 2.35 percent to 192.70 rand.

Petrochemicals group Sasol added 1.45 percent to 298 rand.

ArcelorMittal was up 2.76 percent to 74.50 rand and Kumba Iron Ore gained 5.44 percent to 163.43 rand.

Among gold miners, AngloGold Ashanti was up 4.67 percent to 359 rand but Harmony lost 1.37 percent to 107.75 rand.

Platinum miner Anglo Platinum lost 2.88 percent to 505 rand but Impala Platinum firmed 4.96 percent to 177 rand.

In diversified miners, African Rainbow gained 1.42 percent to 143 rand and Exxaro firmed 2.96 percent to 70.01 rand but Hulamin was off 2.61 percent to 11.20 rand.

Elsewhere on the JSE, brewer SABMiller weakened 80 cents to 143.20 rand, Bidvest shed one percent to 89.75 rand and Barloworld gave up 2.68 percent to 33.77 rand.

Among banks, Standard Bank was up 3.96 percent to 86.58 rand, Nedbank added 5.73 percent to 88.81 rand, Absa put on 3.10 percent to 99.49 rand and FirstRand collected 4.05 percent to 13.63 rand.

Financial services group Old Mutual edged up four cents to 7.16 rand and Sanlam was up 5.77 percent to 16.50 rand.

Sugar group Tongaat-Hulett weakened 1.53 percent to 67.45 rand.

Media group Naspers was down 5.92 percent to 158.05 rand but Avusa gained 4.43 percent to 16.50 rand.

Retailer Woolies was up 4.27 percent to 12.20 rand, Spar gained 1.13 percent to 53.60 rand, Massmart firmed 1.05 percent to 75.99 rand, Foschini gained 4.07 percent to 44 rand and Steinhoff put on 4.17 percent to 10 rand.

Liberty International put on 4.25 percent to 59.11 rand.

Food group Sovereign Food Investments firmed 6.92 percent to 6.95 rand. It earlier advised that headline earnings per share (HEPS) and earnings per share for the year ended February 2009 are expected to be lower than the year ended February 2008.

It is expected that the headline loss per share for the period ended February 2009 will be between 31 cents per share and 0 cents per share, compared with HEPS of 155 cents per share previously.

It is also expected that the loss per share for the period ended February 2009 will be between 28.3 cents per share and 0 cents per share compared with EPS of 141.6 cents before.

Construction group Murray & Roberts rose 4.48 percent to 42 rand and cement manufacturer Pretoria Portland Cement collected 2.05 percent to 31.90 rand.

Telecommunications group MTN Group gained 2.89 percent to 110.50 rand and Telkom edged up 30 cents to 103.30 rand.

I-Net Bridge