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Gold stocks drag JSE lower

Johannesburg - The JSE opened on a weaker note on Friday, with gold stocks and other mining counters weighing on the local exchange. Mpho Mojalefa, a trader at BJM Private Client Services, said the gold index slumped close to 4% at the opening bell after the gold price fell.

Regarding gold stocks, "that is where we are seeing pain the most", Mojalefa said, adding that commodity prices were a touch softer today.

By 09:19 local time the JSE all share index fell slightly by 0.18%, with gold miners slumping 3.87%, platinum miners dropping 0.38% and resources shedding 0.60%. Both financials and banks were virtually flat, while industrials were up 0.11%.

The rand was bid at R6.81 to the dollar from R6.79 at the JSE's close on Wednesday. Gold was quoted at $1 374.82 a troy ounce from $1 389.00/oz at the JSE's previous close, while platinum was at $1 708.50 /oz from $1 705.50/oz before.

Volumes were light in early trade today following the conclusion of futures close-out on Wednesday.

Mojalefa said the local bourse was playing catch up with its global counterparts as it was closed for holiday on Thursday.

Dow Jones Newswires reported that Asian stock markets were mixed on Friday, with Taiwan's market rising to a fresh 31-month high on continued fund-inflows while China remained on the back foot on persistent concerns over further tightening measures from Beijing.

Japan's Nikkei Stock Average was 0.07% lower, and Hong Kong's Hang Seng Index was flat. But Taiwan's main index rose 0.7% to 8844.41 after earlier tapping 8848.71 - the highest point since May 2008.
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Rand - Dollar
18.89
+0.2%
Rand - Pound
23.84
+0.3%
Rand - Euro
20.38
+0.2%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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