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Johannesburg - The JSE rebounded from initial losses to trade higher on Friday in volatile trade ahead the closely watched US jobs report for May.
At 12:54‚ the JSE All Share [JSE:J203] index was up 0.42% to 40 509.50 points‚ trimming the weekly decline to 3.50%.
The platinum and bank indices recovered 1.32% and 1.39% respectively.
“It appears to be a ‘good news could be bad news’ market environment‚ as the suggestion of reduced Federal Reserve easing on the back of positive data has reflected negatively as of late. Positive economic data in a low inflationary environment should‚ however‚ be realised as a positive signal despite the market’s recent dependence on easing measures‚” said Shaun Murison‚ market analyst at IG SA.
Leading European share markets were marginally lower at noon‚ London’s FTSE 100 losing 0.34% ahead of the US data.
Analysts polled by Dow Jones expect an increase of 169‚000 in non-farm payrolls and an unchanged unemployment rate of 7.5%.
Among individual shares on the JSE‚ Northam Platinum (NHM) was down 2.49% to R35.31 but Gold Fields (GFI) gained 1.73% to R63.37 and Exxaro (EXX) was up 1.60% to R150.37.
Telkom (TKG) was up 2.19% to 15.41% and Abil (ABIL) was down 4.45% to R18.29
