Gold mining shares lead gains on JSE after holidays

Johannesburg-South Africa (Dec 27) After a quiet morning’s trade following the Christmas holidays, the JSE All Share had risen 1.32% with gains across the board led by gold mining shares.

The rand was trading fractionally weaker at R10.40 to the US dollar and R17.12 to the British pound.

Gold had edged down 0.02% to $1211.31 an ounce, nearing its lowest in more than 30 years as its appeal as a safe-haven investment dims in light of positive global economic data.

International markets

US markets closed higher yesterday, with the Dow Jones up 0.75%, the S&P 500 rising 0.47% and the Nasdaq climbing 0.28% after the release of a better-than-expected employment report that showed the number of jobless claims falling.

The Nikkei closed 0.03% higher this morning on a weaker yen, while China’s Shanghai index ended 1.36% up after money-market rates fell by the most since February 2011.

European markets were positive at midday SA time, with the DAX up 0.75%, the CAC40 higher by 0.95% and the FTSE gaining 0.53% in a quiet session. Investors were optimistic following the Christmas holidays and after news of a good US jobless report.