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Johannesburg - The JSE inched down in the morning session on Friday as investors remained cautious ahead of the US nonfarm payrolls data due out later in the day. Resources led the market lower.
Trade is likely to be fairly mute ahead of this key US economic data, Mpho Mojalefa, trader at BJM Private Client Services, said. Following a strong US ADP employment report this week, the market expects nonfarm payrolls figures to be good, Mojalefa said.
By 09:28 local time, the JSE all share index was down 0.32%, with gold miners falling 1.24%, platinum miners declining 0.31% and resources losing 0.76%. Banks fell 0.33% and financials lost 0.29%, but industrials bucked the downward move, rising 0.11%.
The rand was trading at R6.79 to the dollar from R6.78 at the JSE's close on Thursday. Gold was quoted at $1 366.88 a troy ounce from $1 367.70/oz at the JSE's previous close, while platinum was at $1 723.50/oz from $1 721.50/oz before.
Mojalefa said the ADP data had prompted the dollar to strengthen further, hitting commodity prices hard. Generally, when the dollar rises, metal prices tend to fall.
Dow Jones Newswires reports that Asian stock markets were mixed on Friday, with weakness in the resources sector and caution ahead of US nonfarm payrolls data later in the day weighing on some markets.
Japan's Nikkei Stock Average was up 0.11%, but Hong Kong's Hang Seng Index fell 0.30%.
Dow Jones Industrial Average futures were down 1 point in screen trade.
IG Markets strategist Ben Potter said expectations for the December payrolls data were high, and a result of about 175 000 private sector jobs created could have been priced in.
"There could easily be scope to disappoint here, causing potential dollar weakness. However, a strong number will confirm what everyone is seeing and that the US economy is turning around, especially the labour market."
European stocks are seen opening marginally lower on Friday, with traders nervous ahead of the release of the key US nonfarm payrolls data.
Also weighing on market sentiment were "renewed concerns over the state of eurozone debt markets", said IG Markets.
Trade is likely to be fairly mute ahead of this key US economic data, Mpho Mojalefa, trader at BJM Private Client Services, said. Following a strong US ADP employment report this week, the market expects nonfarm payrolls figures to be good, Mojalefa said.
By 09:28 local time, the JSE all share index was down 0.32%, with gold miners falling 1.24%, platinum miners declining 0.31% and resources losing 0.76%. Banks fell 0.33% and financials lost 0.29%, but industrials bucked the downward move, rising 0.11%.
The rand was trading at R6.79 to the dollar from R6.78 at the JSE's close on Thursday. Gold was quoted at $1 366.88 a troy ounce from $1 367.70/oz at the JSE's previous close, while platinum was at $1 723.50/oz from $1 721.50/oz before.
Mojalefa said the ADP data had prompted the dollar to strengthen further, hitting commodity prices hard. Generally, when the dollar rises, metal prices tend to fall.
Dow Jones Newswires reports that Asian stock markets were mixed on Friday, with weakness in the resources sector and caution ahead of US nonfarm payrolls data later in the day weighing on some markets.
Japan's Nikkei Stock Average was up 0.11%, but Hong Kong's Hang Seng Index fell 0.30%.
Dow Jones Industrial Average futures were down 1 point in screen trade.
IG Markets strategist Ben Potter said expectations for the December payrolls data were high, and a result of about 175 000 private sector jobs created could have been priced in.
"There could easily be scope to disappoint here, causing potential dollar weakness. However, a strong number will confirm what everyone is seeing and that the US economy is turning around, especially the labour market."
European stocks are seen opening marginally lower on Friday, with traders nervous ahead of the release of the key US nonfarm payrolls data.
Also weighing on market sentiment were "renewed concerns over the state of eurozone debt markets", said IG Markets.
