Stocks gained some momentum and moved into the black by noon on Monday, resuming last week's positive trend after Friday's session of profit taking, a local trader said.

At 12pm the JSE all share index had put on 0.92 percent, with resources collecting 0.53 percent. Gold miners edged up 0.64 percent and platinums gained 1.51 percent.

Banks firmed 1.89 percent, financials rose 1.78 percent and industrials were up 0.92 percent.

The rand was bid at 7.43 to the dollar from 7.36 just before the JSE closed on Friday. Gold was quoted at $1052.65 a troy ounce from $1050.30/oz at the JSE's last close, and platinum was at $1336/oz, from $1332/oz at its previous close.

Brent crude was at US$71.04 from a close of US$70.

"Markets are obviously resuming the positive trend on the back of the dollar, the Dow ended quite well on Friday and we are following through on that," the trader said.

"The dollar has weakened again and the gold price is moving back to a trend to the upside. The oil price is also above $70. We are building on the gains we have seen. We saw some profit taking on Friday, but it wasn't a lot, and we see that with the lower prices, buyers come in and push the market up.

"We are going to see how the earnings come out in the US and how that affects the market and the sentiment. So far they have been better than expected and the trend in the market is to the upside and there is appetite for risk," he said.

"Also with parts of the Dow Jones being closed today for the public holiday, we won't be getting much direction from there," he added.

Dow Jones Newswires reports that the FTSE 100 gathered steam and hitting a 12-month high of 5229.1. David Jones at IG Index described the move above the 5200-level as "significant." He said, "this area had successfully capped any strength since the middle of September and today's levels... should help banish any worries that the recovery was running out of steam." Meanwhile, sees shares from a mix of sectors topping the gainers list. Old Mutual is the biggest gainer, +3.2 percent. Jones said Old Mutual is extending its recovery seen since March and the move through the 100p-level gives confidence that there is momentum left in the insurer.

The FTSE 100 was last up 1.15 percent.

US stocks are called to open higher building on the rise of about four percent for last week, said David Morrison at GFT.

He called the DJIA up 20 points and the S&P 500 up 3.5 points.

"Investors seem determined to take this market higher and ensure we end the year on a positive note," he said. However sees concerns that poor fundamentals are being brushed aside. The Columbus Day holiday means it is likely to be quiet in the US. Charles Schwab releases the only earnings news of note and there is no economic news.

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