Stocks were up 234 points by noon on Monday supported by metal counters which remained firm despite a strong local currency.

By 12pm the JSE all share index had added 1 percent, with resources gaining 1.61 percent. Gold miners firmed 2.04 percent and platinum counters were up 1.64 percent.

Banks collected 0.47 percent, and financials and industrials collected 0.66 percent and 0.50 percent respectively.

The rand was bid at 7.97 to the dollar from 8.08 when the JSE closed on Friday. Gold was quoted at $952.30/oz a troy ounce from $937.97/oz at the JSE's last close, and platinum was at $1186/oz, from $1171/oz at its previous close.

"We are still looking very good considering the strong week we had last week, we are building on those gains," a local trader said.

"It seems the earnings that have come out of the US have been good. General world sentiment is still positive.

"The dollar is weakening a bit and that is an indication that money is flowing into more riskier assets. The rand is strong and despite that the mining shares are strong. The dollar prices of metals have been strong as well.

"We have had big moves and it won't be surprising to see some profit taking come in. But at the moment, the momentum is positive, and provided the Dow and world markets hold, momentum will still be positive," he said.

Dow Jones Newswires reports that the FTSE 100 was up, gathering steam and aiming higher. David Jones at IG Index said UK stocks were now at levels seen in mid-June and off the two-month low seen a week ago. Miners and banks were still the top gainers. Lloyds was +7.7 percent ahead of its results later this week. He said, "there has been something of a resurgence of interest by traders in the banks after a quiet couple of months, and market reaction to these Lloyds figures could well set the tone for the direction of UK shares for the next couple of weeks."

The FTSE 100 was last up 1.59 percent.

US stocks are called to open up, carrying on from last week's strength, said David Morrison at GFT.

He called the DJIA up 32 points and the S&P 500 up 3.5 points. He said news CIT Group looks as if it would avoid bankruptcy was helping sentiment, while traders were also hoping that the positive news on earnings would continue this week.

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