Stocks edged into the black by noon on Thursday on the back of some bargain hunting after recent profit taking and consolidation, a local equities trader said.

At 12pm the JSE all share index had collected 0.44 percent, with resources up 0.87 percent and platinum producers edging up 0.31 percent, but gold counters shed 1.73 percent.

Banks and financials put on 0.56 percent and 0.52 percent respectively, while industrials were flat, down 0.06 percent.

The rand was bid at 7.78 to the dollar from 7.76 when the JSE closed on Wednesday. Gold was quoted at $1034.20 a troy ounce from $1033/oz just before the JSE's last close, and platinum was at $1318/oz from $1301/oz at its previous close.

"We have edged up, there is not too much happening. The market has turned very volatile. Basically, the market has, in the sell off that we saw, gotten into some oversold levels and now we are seeing some profit taking come into the market," the trader said.

"This is a resumption of the positive trend we have seen in the market, we are still seeing interest in the market.

"We are waiting for some important data out of the US. But we had to see some profit taking and consolidation after such big moves. On the dips we do see some buying coming in and that is what is happening. The volatility may continue, but the underlying trend is still positive," he said.

Dow Jones Newswire reports that the FTSE maintained mild losses after September mortgage approvals come in better than expected according to Bank of England data, while M4 lending to UK companies and households is as expected. Simon Denham at Capital Spreads said traders seem confident that Wednesday's fall was the shakeout the market needed and now sees good support around the 5040-level. All eyes on US GDP at 12.30 GMT.

The FTSE 100 was flat, down 0.06 percent.

US stocks are called to open higher on Thursday, supported by a recovery in commodity prices, said Jimmy Yates at CMC Markets. He called the DJIA up 40 points and the S&P 500 up 5 points. US GDP figures at 12.30 GMT will take centre stage, with consensus expectations of a rise of 3 percent-3.3 percent. Investors will look to see if the US is out of recession and should the figures miss expectations, this could spark concerns the outlook is not as good as previously thought, Yates added. Initial jobless claims data at 12.30 GMT will also be eyed, but could play second fiddle to GDP.