Loading...
See More

Gold counters gain on weaker rand

Jan 11 2013 17:53 I-Net Bridge


Related Articles

JSE slightly weaker on consolidation

JSE drifts lower as banks weigh

SA stocks inch to another record high

JSE follows world stocks higher

JSE flat‚ lacks fresh impetus

Platinums‚ Draghi pare JSE losses

 
Johannesburg - The JSE closed flat on Friday with gold miners the biggest gainers because of the weaker rand after the Fitch downgrade.

“The rand downgrade yesterday put pressure on our local currency and caused negativity in the rest of the market. Resources suffered today as a result causing a sell-off of riskier assets such as commodities. There was a general sell-off across the market‚ with commodities dipping the most as they form the biggest part of our economy. The JSE traded slightly in the red the whole day‚” a local trader said.

Rating agency Fitch overnight downgraded SA’s long-term foreign currency credit rating by one notch to BBB‚ while reducing the long-term local currency rating from A to BBB+.

At 17:00‚ the All Share [JSE:J203] index was down 0.05% at 40 281.14 points‚ with resources the main laggards down 0.88% and gold stocks adding 1.49%.

Leading European shares were mostly flat with London’s FTSE 100 last seen 0.07% higher‚ while the Dow Jones Industrial index was down 0.21% at 13 443.42 points at 4:58.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jse  |  markets
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

New forms of digital technology are changing the very ways in which entrepreneurs run their businesses.
 
 

Device lets disabled people talk through their nose

A device that converts nose breaths into speech will open new doors for people with Parkinson’s or motor neuron disease.

 
 

For chic geeks...

It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real
Check out the speed of this robo-cheetah!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...