The JSE did not feel a noticeable impact from the credit crunch affecting various other markets and stock exchanges during the first half of 2008, it said on Tuesday.

The Johannesburg Securities Exchange (JSE) was presenting its interim results for the six months ended 30 June.

"Volumes have continued to climb on the JSE while they have stagnated in certain world markets," the JSE said.

An element of this was attributable to the fact that the equities market of the JSE had a large commodity component.

"It is important to note that this does not guarantee that these volumes will be sustained in the second half of 2008.

The JSE reported that headline earnings per share were up 414.2 percent while cash inflow from operating activities rose by 154.2 percent.

Total costs were down 14.5 percent.

In the six months to the end of June 2008, average daily trade volumes on the JSE's spot equities market rose to 61 924 from 39 565 in the previous comparable period as a result of volatile market conditions.

This volatility was evident in the FTSE/JSE AllShare Index which dropped to 23 135 in January, then climbed sharply again to reach a new high of 33 192 in May, but fell again sharply in June.

Sapa