The JSE was on track for its first and only positive close for the week on Friday morning, with broad-based gains amid some positivity over easing oil prices.
Riskier assets have been under pressure this week amid some hawkish noises from central banks, lockdowns in China and the threat of further sanctions against Russia, but in morning trade Asian and European markets were faring well.
US markets also managed positive closes overnight, rebounding in the late afternoon, with analysts noting that gains were in spite of high levels of uncertainty in the market, which usually results in investor caution as the weekend approaches.
“But perhaps stable earnings expectations and some retracement in energy prices, easing inflation fears, have some buyers trickling back in,” said SPI Asset Management managing partner Stephen Innes in a note.
US earnings reports are expected to be in focus next week, and economic data has pointed to a tight labour market and strong consumer demand in the world’s largest economy.
At 10.30am the JSE was up 0.56% to 74,423.14 points and the top 40 was 0.59% higher.
Food producers were up 0.85%, possibly benefiting from easing commodity prices, but industrials had given back 0.28%.
In Europe, the FTSE 100 had gained 1.22%, the CAC 40 1.82% and the DAX 30 1.67%.
Gold was flat at $1,930.66/oz while platinum had gained 0.31% to $966. Brent crude was 0.16% lower at $101.06 a barrel, and had fallen below the psychologically important $100 level for the first time in about three weeks on Thursday. This followed an announcement that International Energy Agency members had agreed to release 60-million barrels of their reserves into the market to reduce concerns over a supply constraint.
There had been little corporate news on Friday morning to give stocks any individual direction.
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