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JSE down, but off earlier lows

Feb 03 2012 13:15 I-Net Bridge

Company Data

All Share [JSE : J203]

Last traded R33,104.06
Change R111.81
% Change 0.34%
Cumulative volume 0
Market cap R0.00

Last Updated: 28/05/2012 at 17:43. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - The JSE was in the red at noon, but off its earlier lows, as corporate news continued to be the main drivers.

A local trader said that the market was stuck a bit in the red, but off earlier lows. He noted that the corporate action talk between Glencore and Xstrata was still lifting Anglo American stock. MTN was, conversely, suffering after more negative news emanated from Iran.

Despite trade still being in the red the trader said that the market was still doing quite well, retaining a bullish undertone. Investors were eying key US data due for release later on in the day for more direction.

At noon, the JSE All Share [JSE:J203] index was down 0.21%. Gold stocks were up 0.71%, platinum shares had picked up 0.27%, while resources were in flat territory (-0.02%).

Industrials withered 0.46%, banks lessened 0.18% while financials were static (0.01%).

The rand was bid at 7.63 to the dollar from 7.65 at the JSE's close on Thursday. Gold was quoted at US$1,760.54 a troy ounce from US$1,750.48/oz at the JSE's previous close, while platinum was at US$1,632/oz, from US$1,625/oz before.

Dow Jones Newswires reported that European stocks nudged between small losses and gains on Friday as traders took to the sidelines ahead of a key US employment report, which is seen as a barometer of the world's largest economy.

It is not unusual for markets to tread water ahead of the US payrolls report, which is seen as one of the highlights of the monthly economic calendar.

At noon local time, London's FTSE 100 was up 0.33% while Paris's CAC-40 hovered in flat territory (0.06%).

Elsewhere, Greece's debt negotiations with its private sector creditors continued to drag on, despite reassurances every day this week that talks were nearing a conclusion.

Earlier, Asian stock markets ended mixed in choppy trade on Friday as many investors took to the sidelines ahead of the crucial jobs data from the US later in the global day.

The regional mood was subdued after an uninspiring lead from Wall Street on Thursday and protracted Greek debt write-off talks.

Japan's Nikkei 225 eased 0.51%, and Hong Kong's Hang Seng Index was relatively flat (0.08%).

 
 
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