Johannesburg - The JSE slid at the start of trading on
Friday‚ with general mining shares under most pressure‚ amid negative global
Shares of Aquarius Platinum [JSE:AQP] stock continued its
downward spiral‚ hitting a fresh record low after the platinum miner said on
Thursday it would close its Everest South mine in SA.
At 09:16 local time‚ the JSE All Share [JSE:J203] index was
down 0.81% to 34‚255.34 points‚ with resources losing 1.67%‚ gold shares
shedding 1.24% and platinum counters dropping 1.23%.
Financials dipped 0.23%‚ banking stocks dropped 0.10% and
industrials lost 0.40%.
The rand was weaker at R8.38 to the US dollar‚ from R8.31 at
the JSE's close on Thursday‚ while gold was quoted at $1 561.88 a troy ounce
from $1 582.52/oz at the JSE's previous close and platinum was at $1 425.70/oz‚
from $1 451.20/oz previously.
“The global economic growth concerns are weighing on
commodity prices‚ hence the aggressive sell-off in mining counters‚” said
Hennie Fourie‚ stockbroker at PSG Konsult.
European stocks started in negative territory on Friday as
global growth concerns accelerated and a downgrade of 15 banks by rating agency
Moody's added to the gloom.
Global growth concerns triggered a 2% drop in the Dow Jones
industrial average on Thursday‚ and crude oil futures fell below $90 a barrel
for the first time since October as anaemic manufacturing data from the
eurozone and China continued to weigh heavily‚ Dow Jones Newswires reported.
In Europe‚ London’s FTSE was down 1.09%.
In Asia‚ Japan's Nikkei ended the session 0.29% weaker‚
while the Hang Seng index had lost 0.38% by 09:16 local time.
Markets in mainland China were closed for a public holiday.