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JSE in the red on profit-taking

Johannesburg - The JSE started Thursday weaker as a result of some profit-taking, coming off recent gains over the past few days.

A local trader pointed to firmer US trade which helped push up local markets by Wednesday's close.

As a result of the push on Wednesday, investors were looking to take some of the gains this morning, the dealer said.

By 09:05 local time, the JSE All Share [JSE:J203] index was down 0.43%. Gold dropped 0.95%, resources gave up 0.55%, and platinum counters declined 0.24%. Banks were 0.59% lower and financials shed 0.42%. Industrials lost 0.34%

The rand was bid at a firmer R6.97 to the dollar, from R6.99 at the JSE's close on Wednesday. Gold was trading at $1 816.19 a troy ounce from $1 828.32 at the JSE's previous close, while platinum was at $1 853.50/oz, from $1 852.50/oz previously.

The trader said a detailed report of the GDP numbers out of Germany have also dampened sentiment in the eurozone. With reports showing that growth is coming primarily from exports only, there is some cause for concern.

Dow Jones Newswires reported that Asian markets rose for a fourth straight day on Thursday following another gain on Wall Street thanks to upbeat US data, while Chinese manufacturing figures also provided some support.

At 9:05 local time, the Nikkei 225 index was up 1.18% and the Hang Seng index had lifted 1.24%.

European investors are awaiting further data on the health of their economies, and may well take a cautious note at first, leaving a mixed start to the stock markets.

US stock futures are higher on Thursday, after markets advanced on Wednesday, pushing the Dow Jones Industrial Average back into positive territory for 2011 and capping a four-day winning streak that closed a volatile August.

 
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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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