Johannesburg - The JSE ended 2010 on a slightly negative note on Friday, with some local investors placing last-minute trades as they squared off positions before the year-end.
Markets closed at noon ahead of the New Year's Day holiday tomorrow.
Volumes were light in line with overseas equities, one trader said.
At 12:00, the JSE all share index was down 0.28%, with resources falling 0.91%. Platinum miners (0.13%) and gold counters (0.01% were flat. Banks were up 0.16%, financials picked up 0.21%, and industrials added 0.10%.
The rand was bid at 6.64 to the dollar, unchanged from the JSE's close on Thursday. Gold was quoted at US$1 409.69 a troy ounce from US$1 405.93/oz at the JSE's previous close, while platinum was at $1 737.00/oz from $1 758.20/oz before.
Domestic resource stocks were generally weaker, despite stronger commodity prices. But bank, financial and industrial counters were firmer.
Generally, institutional investors square off positions before year-end, so that they start the new year on a clean slate, the trader said. "We saw a bit of this today," the trader said, referring to a couple of big trades.
Another trader said he was busy processing a big order, less than 30 minutes before the market closes for 2010.
Local economic data does not seem to have moved the equity market.
Credit extension to the private sector (PSCE) grew at a rate of 4.63% year-on-year (y/y) in November from 5.11% y/y in October, the South African Reserve Bank (Sarb) said on Friday.
The rate of growth of South Africa's broad M3 money supply measure rose by 7.23% in the year to end November from 6.36% in the year to end October.
The rate of growth in credit extension was expected to have registered 5.6% year-on-year (y/y), according to a survey by I-Net Bridge. M3 money supply aggregate growth rate, meanwhile, was expected to have increased at 6.9% y/y.
South Africa's total domestic credit extension grew at a rate of 3.79% in November from 4.23% in October.
Dow Jones Newswires reported that European stocks were mixed on the last trading day of 2010, with volumes light as investors stayed on the sidelines. Many markets are set to close early or are already shut for the New Year holiday.
In London, the FTSE 100 was last 0.20% weaker.
With no major data due, the markets struggled for direction. However, London's FTSE 100 index benefited from a strong performance by mining and metals stocks as commodity prices perked up again, with copper reaching another record high. Shares in Fresnillo were up 0.6% in London, while Lonmin added 0.3%.
Asian stock markets were mixed in holiday-thinned trade on Friday, even as coal companies led Chinese stocks higher.
Japan's Nikkei Stock Average fell 1.12%, but Hong Kong's Hang Seng was 0.16% firmer.
Hong Kong and Singapore markets are on a half day session, and the Sydney and Wellington markets closed early. Markets in Japan, Indonesia, the Philippines, South Korea, Malaysia and Thailand were shut for New Year's Eve.
Australian stocks drifted lower in thin trade and RBS's head of domestic sales trading Justin Gallagher said there was no theme to the selling. "The volumes are so atrocious, maybe there's a bit of rebalancing going on," he added.