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JSE flat amid China rates rumours

Johannesburg - The JSE opened relatively flat on Friday as investors sat on the sidelines amid concerns of a rate hike from Beijing.

Andrew Todd, an equity derivatives trader at Imara SP Reid, said there was speculation that China might raise interest rates again, keeping investors cautious.

By 09:13 local time the JSE all share index eked 0.07% higher, with platinum miners up 0.30% and resources rising 0.14%. But gold miners shed 0.10%. Financials were down 0.11%, while banks (-0.06%) and industrials (0.04%) were flat.

The rand was bid at R6.84 to the dollar from R6.88 at the JSE's close on Thursday. Gold was quoted at $1 391.77 a troy ounce from $1 391.48/oz at the JSE's previous close, while platinum was at $1 683.00/oz from $1 689.50/oz before.

Todd said the market was awaiting economic data from the US for direction. Asian markets were flat, while the US futures were slightly firmer.

Dow Jones Newswires reported that Asian stock markets were mostly lower on Friday, as many investors took to the sidelines after robust China trade data heightened concerns of an imminent rate hike from Beijing.

Japan's Nikkei Stock Average ended up 0.52%, but Hong Kong's Hang Seng Index was last 0.26 lower.

"The market's a little nervous about the Chinese economic data due out (Saturday). In particular, the market's on edge about the (consumer price index) number," said David Taylor, markets analyst at CMC Markets in Sydney.

"The trade data out this afternoon certainly didn't do anything to ease concerns...it sends a message to the market that we are on the edge of another interest rate hike," Taylor said.

European stocks are set to open higher Friday, supported by a generally upbeat mood on Wall Street after positive initial jobless claims data.
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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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