Johannesburg - The JSE ended slightly firmer on Thursday,
capping a volatile session that saw the market swing from losses to gains.
"It has been a volatile day, with futures dropping
around 250 points before recouping these losses," Andrew Todd, an equity
derivatives trader at Imara SP Reid, said.
By 17:00 local time, the JSE All Share [JSE:J203] index was
up 0.20%, with resources rising 0.43% and gold miners firming 1.13%.
Industrials were also up 0.24%. But platinum miners fell 0.16%, banks eased
0.96% and financials shed 0.40%.
The rand was bid at R6.85 to the dollar from R6.75 at the
JSE's close on Wednesday. Gold was quoted at $1,468.64 a troy ounce from $1
460.39/oz at the JSE's previous close, while platinum was at $1 779.00/oz, from
$1 783.50/oz previously.
Todd also said the weak rand cushioned local equities, while
bargain hunting provided some support. The overall market was down about 700
points since its recent high.
Dow Jones Newswires reported that US stocks pared early
losses but stayed in the red on Thursday after jobless claims shot to their
highest level in two months and concerns resurfaced over Europe's sovereign
debt crisis.
The Dow Jones Industrial Average fell 39 points, or 0.3%, to
12 232 in mid-morning trade.
Financial stocks declined, weighed by concerns over new
scrutiny facing US banks and fresh worries over the stability of the eurozone.
The cost of insuring Greek government debt against default hit a record on
speculation that Greece faced a debt restructuring, fuelled by an interview in
the German press with German Finance Minister Wolfgang Schäuble.
Meanwhile, The Wall Street Journal reported that US investigators are examining whether some of the world's biggest banks colluded to manipulate a key interest rate before and during the financial crisis. Bank of America fell 0.5%, while Citigroup shed 1.1%.
US economic data added to the market's doubts on Thursday. Sapping confidence in the labour market's recovery, the number of new jobless claims increased 27 000 to a seasonally adjusted 412 000 in the week ended April 9, the Labour Department said on Thursday, surprising economists who had expected a rise of only 3 000. The prior week's figures were also revised up.