Higher metal prices beneficial to the rand

Precious metal prices and rand movements are likely to feature strongly on local financial markets today. The rand is firmer this morning. Analysts say that higher precious metal prices lent support to the currency.

However, BHP Billiton is likely to come under the spotlight amid fresh speculation that Chinese interests are looking to build a stake in the group. Shares in BHP, the world's leading miner, rose as much as 4.2% in Sydney this morning.

US and European markets
US stocks rose in light trading yesterday as a pullback in oil prices eased concerns about inflation and a battle to control Yahoo helped the tech sector. Shares of chip maker Intel helped tech stocks, jumping almost five percent after Lehman Brothers raised its price target on the stock, citing strength in notebooks and servers. The Dow Jones gained 94 points to 12 993. The Nasdaq Composite jumped 37 points to 2 534. while the S & P 500 rose 15 points to 1 424.

Europe's major markets ended mixed yesterday. London's FTSE 100 climbed 36 points to 6 252. In Paris the CAC 40 added two points to 5 058, while Frankfurt's DAX slipped two points to 7 081.

Industrial and resources stocks underpinned the JSE. The overall index advanced 260 points to 32 647. Financials added 40 points to 19 049, while industrials climbed 184 points to 25 488. The gold board dipped five points to 2 492. The top 20 resources rose 754 points to 74 421.

Asian markets
Markets in the Asia-Pacific region are firmer this morning. In Tokyo the Nikkei edged up 38 points to 14 289. In Hong Kong, the Hang Seng gained 195 points to 25 709, while Frankfurt's DAX rose 78 points to 5 968.

Platinum is trading at $2081/oz and the spot price for Brent crude oil recovered to $121.29 a barrel.

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