The JSE put in a strong finish on Wednesday, closing at its highest level in 12 months on the back of a surge in global risk appetite amid more positive sentiment.

During the session the bourse soared to a fresh 12-month high of 26 067. It finished at 26 056.

The JSE all share index gained 1.5 percent, with resources adding 2 percent. But the day's real big winners were financial which added 2.31 percent and banks which gained 3.70 percent. Industrials rose 0.57 percent

But platinum counters gave up 1.75 percent and gold miners lost 0.74 percent.

The rand was bid at 7.26 to the dollar from 7.35 just before the JSE closed on Tuesday. Gold was quoted at $1060.60 a troy ounce from $1058.30/oz just before the JSE's last close, and platinum was at $1356.50/oz, from $1358.50/oz at its previous close.

"We've had two pieces of good news today which has driven the market. Exports from China exceeded expectations which means there will be demand from the West, including South Africa. So this is good news, particularly for us.

"The second piece of good news was JP Morgan's results, which were also better than expected. Together this news, along with better than expected US data, has buoyed global sentiment," a local equities trader said.

"Investors who have been sitting on the sidelines have seen this as a good reason to get back into the market," he added.

Dow Jones Newswires reports that strong earnings from Intel and J.P. Morgan Chase put the US stock market back on track Wednesday, pushing the Dow Jones Industrial Average toward the 10 000 milestone for the first time in more than a year.

Investors also welcomed better-than-expected September U.S. retail sales, which bolstered bulls' case that the U.S. economy is on a firmer recovery ground.

Indeed, the last time the Dow was at its present level was on the downside, during the full throes of a crisis on Wall Street. Traders in recent days have eagerly anticipated the average's return to a major round- number benchmark ? this time, on the way higher ? as an important symbol that markets have finally returned to normal. But many participants also remain on guard against potential nasty surprises in the earnings season.

The Dow was recently up 80 points, or 0.8 percent, trading at 9950.72, just off a morning high less than 25 points from the 10000 mark. The measure is coming off a 15-point decline in Tuesday's session, which was marked by light volume as traders awaited earnings reports from several of the Dow's components.

The index last traded above 10 000 on 7 October 2008 and closed above that level on 3 October.

On the JSE, Anglo American plc advanced 5.09 percent to 266.85 rand and BHP Billiton rose 3.69 percent to 213.50 rand.

Petrochemicals group Sasol however ended 0.25 percent lower at 291 rand.

Kumba Iron Ore was 0.62 percent higher at 243.50 rand.

Gold miner AngloGold Ashanti shed 1.47 rand to 334.03 rand, Gold Fields weakened 100 cents to 108.80 rand and Harmony eased 100 cents to 86 rand.

Platinum miner Anglo Platinum gave up 0.85 percent to 700.01 rand, Impala Platinum lost 3.07 percent to 170.60 rand but Lonmin added 5.26 percent to 202.20 rand.

Elsewhere on the JSE, brewer SABMiller declined 48 cents to 189 rand, but Bidvest was up 1.01 rand to 122 rand, Imperial put on 1.26 percent to 84.30 rand and Barloworld collected 1.27 percent to 48.50 rand.

Banker Standard Bank added 4.32 percent to 104 rand, Absa gained 3.83 percent to 130.10 rand and FirstRand rose 2.99 percent to 17.20 rand.

Financial services group Old Mutual was up 1.54 percent to 13.20 rand and Sanlam rose 1.63 percent to 20.53 rand.

Mutual & Federal jumped 18.65 percent to 21.06 rand. Old Mutual plc said earlier that it had notified the board of directors of Mutual & Federal Insurance Company of its firm intention to make an offer to acquire all the ordinary shares in Mutual & Federal that it or its subsidiaries do not currently beneficially own.

Old Mutual is offering to acquire the shares at a price of 21.25 rand per share - equivalent to a 21.2 percent premium to the 30-day volume-weighted average price (VWAP) up to 13 October of 17.54 rand per Mutual & Federal share listed on the JSE, for a total consideration of approximately 1.811 billion or #155-million.

Information and communications technology group Datatec gained 24 cents to 27.74 rand. It earlier reported diluted headline earnings per share of 4.8 US cents for the six month ended August from 17.4 cents a year ago in what it described as "challenging" market conditions.

Underlying earnings per share - excluding goodwill and intangibles impairment, amortisation of acquired intangible assets, profit or loss on sale of assets and businesses, fair value movements on put/call arrangements and unrealised foreign exchange movements - amounted to 11.5 US cents from 22.5 cents a year ago.

Telecommunications group MTN Group eased 30 cents to 124.20 rand, but Telkom put on 3.33 percent to 43.45 rand and Vodacom collected 2.17 percent to 54.15 rand.