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Johannesburg - The JSE ended broadly weaker on Friday, with platinum counters taking a beating on reports that the Zimbabwean government plans to take 51% control of mining companies.
Impala Platinum Holdings [JSE:IMP] dropped over 2% on the news, Kevin Algeo, portfolio manager at Imara SP Reid, said.
At 17:00, the JSE all share index ended 0.41% lower, with platinum miners edging down 1.81%, resources falling 0.32% and gold miners declining 0.86%. Industrials lost 0.42%, banks fell 0.65% and financials shed 0.55%.
The rand was bid at 6.83 to the dollar from 6.88 at the JSE's close on Thursday. Gold was quoted at US$1 376.55 a troy ounce from US$1 391.48/oz at the JSE's previous close, while platinum was at $1 672.50/oz from $1 689.50/oz before.
Algeo said all indexes were down, tracking European markets, which were flat. He said the rand was stronger, weighing on rand-hedge stocks.
The Zimbabwean Cabinet plans to take over 100% of alluvial diamond mines and 51% of all other minerals.
Dow Jones Newswires reported that US stocks rose Friday morning following an unexpected narrowing in the US trade deficit for October on surging exports, but the gains were slim as China unveiled plans for more tightening.
The Dow Jones Industrial Average climbed 10 points, or 0.1%, to 11 380.
The gains came as the US trade deficit for October unexpectedly narrowed as exports surged to their highest levels in more than two years and the trade gap with China fell.
The total US deficit in international trade of goods and services fell more than 13% to $38.71bn from a revised $44.60bn the month before, the Commerce Department said. Economists had predicted a $44.0bn trade gap.
The US trade deficit with China narrowed 8.3% to $25.52bn as exports to the country surged nearly 30% to a record $9.30bn and imports fell slightly to $34.82bn.
