The JSE was firmer on Tuesday morning, tracking firmer global markets as investors looked ahead to more company earnings reports from the US.
The earnings season so far has been solid, with the Bank of America becoming the latest on Wall Street to offer a largely positive assessment of the US consumer.
Markets also received a boost from developments in the UK after the new finance minister, Jeremy Hunt, announced on Monday that he would reverse nearly all announced tax cuts.
“Stocks crept higher on Tuesday, as the U-turn in British fiscal policy calmed markets and lifted investor sentiment,” Citadel Global director Bianca Botes said.
At 10.35am, the JSE all share had gained 0.57% to 66,565 points and the top 40 0.61%. Industrials had gained 1.11% and financials 0.16%. Resources and precious metals both had lost 0.28%.
At the same time in Europe, London’s FTSE 100 had gained 1.08%, France’s CAC 40 1.07% and Germany’s DAX 1.48%.
Earlier in Asia, the Shanghai Composite lost 0.13%, while Hong Kong’s Hang Seng gained 1.75% and Japan’s Nikkei 1.42%.
At 10.50am, the rand had strengthened 0.17% to R18.0294/$, 0.09% to R17.7436/€ and 0.58% to R20.4192/£. The euro was little changed at $0.9841.
Gold gained 0.18% to $1,652.41/oz and platinum 0.35% to $917.21/oz. Brent crude was 0.33% weaker at $91.53 a barrel.
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