The JSE maintained its position in positive territory by noon on Thursday, continuing to be directed by firmer world markets and a good performance from commodity shares, with market participants now eying key jobless data out of the US later in the day.

At 11.55am the JSE all share index had gained 1.10 percent, with resources firming 1.58 percent, gold miners adding 1.80 percent and platinums up 1.93 percent.

Banks collected 0.90 percent, financials put on 0.62 percent and industrials were up 0.89 percent.

The rand was bid at 7.32 to the dollar from 7.47 just before the JSE closed on Wednesday. Gold was quoted at $1053.70 a troy ounce from $1041.03/oz just before the JSE's last close, and platinum was at $1337/oz, from $1323.50/oz at its previous close.

"Markets are up on the better-than-expected earnings reported by Alcoa in the US yesterday. Commodity shares are stronger. There is an expectation that commodity producers will bring out better-than-expected earnings.

"The dollar is still declining and the commodity prices are benefiting from that," he said.

Asked about what was likely to happen for the rest of the day, the trader said: "A positive open is expected in the US and that will further support our market. We are waiting for the initial jobless claims and that will probably hold us back."

Dow Jones Newswires reports that the FTSE was off its highs but still showed solid gains. As expected, the mining sector was strong as gold hit another record high earlier. "Most eyes will be on the earnings season in the US to gain an idea as to whether the economic recovery is in full swing, said trader David Rees at ShortsandLongs. The MPC rate announcement is at 11am GMT. Traders are looking for comments about the UK economy rather any expectation of a rise in interest rates.

The FTSE 100 had last collected 0.67 percent.

US stocks are expected to open higher on Thursday, after Alcoa kicks off the 3Q earnings season and posts a surprise profit. David Morrison at GFT called the DJIA up 90 points and the S&P 500 up 11 points. Following the aluminium giant's results, he said, "traders are now hoping this is an indication of another positive earnings quarter." Further corporate earnings are expected from Marriott, Chevron and Pepsico. US initial jobless claims are at 12.30pm GMT, wholesale inventories are at 2pm GMT.

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