Johannesburg - The JSE dipped at the opening session on
Monday‚ taking its cue from the leading Asian stock markets‚ after the downbeat
US jobs report.
At 09:26 local time‚ the JSE All Share [JSE:J203] index was
down 0.48% at 34‚062.50 points‚ with resources losing 0.83%‚ gold shares shed
1.53% and platinum counters were off 0.79%.
Financials edged up 0.15%‚ banking stocks gained 0.32% and
industrials slid 0.46%.
The rand was trading at R8.24 to the US dollar‚ from R8.25
at the JSE’s close on Friday‚ while gold changed hands at $1 583.56 a troy
ounce from $1 588.24/oz at the JSE’s previous close and platinum was quoted at
$1 446.50/oz‚ from $1 455.50/oz previously.
“The aftermath of the disappointing US jobs data is still
very evident‚ with commodities under pressure‚” said Devin Shutte‚ a trader at
stockbrokerage‚ Newstrading. “Market players will later this week watch with
interest the China’s second-quarter gross domestic product after today’s better
than expected inflation data‚ which essentially leaves the door open for
stimulus measures.”
European stocks opened a little higher‚ with London’s FTSE
100 index up 0.10%.
Investors remain concerned about the prospects for global
growth‚ with data releases from the US and China adding to worries‚ Dow
Newswires reported.
Figures released earlier on Monday showed the Chinese
inflation rate slowed to 2.2% in June compared with a year ago.
Meanwhile‚ Friday’s US nonfarm payrolls report showed a gain
of 80 000‚ compared with expectations for a 100 000 rise - disappointing‚ but
not weak enough to prompt the Federal Reserve into a new round of quantitative
easing.
In Asia‚ Japan’s Nikkei average ended the session 1.37% in
the red‚ while the Hang Seng index was down 1.47% by 09:26 SA time.