• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Gold counters gain on weaker rand

Jan 11 2013 17:53
I-Net Bridge
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
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...