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Johannesburg - The JSE pulled back but stayed in positive territory at noon on Friday, as investors consolidated yesterday's heavy losses. The all share index dropped 526.61 points yesterday.
By 12:02 local time, the JSE all share index was up 0.27%, with resources 0.16% higher and gold miners rising 0.65%. But platinum miners slid 1.70%. Banks gained 0.69%, financials added 0.33% and industrials rose 0.35%.
The rand was trading at 7.12 to the dollar from 7.06 at the JSE's close on Thursday. Gold was quoted at US$1 343.93 a troy ounce from $1 345.70/oz at the JSE's previous close, while platinum was at $1 813.50/oz from $1 801.50/oz before.
An equity derivatives dealer said the market was flat as it was consolidating yesterday's losses. The pullback in resource stocks in London also weighed on the market, the equity derivatives dealer said.
There was bargain-hunting in selected stocks, he said.
Dow Jones Newswires reports that European stocks were modestly higher on Friday as the latest IFO business sentiment survey from Germany came out broadly in line with expectations. London's FTSE 100 was 0.51% firmer.
The headline IFO business climate index rose to 110.3 from a revised 109.8 in December and above a consensus forecast of 110.0 by analysts polled by Dow Jones Newswires. The sub-index assessing current conditions fell slightly to 112.8 from 112.9, while the sub-index for expectations rose to 107.8 from 106.8.
"Boldly going where no IFO has gone before, German business confidence surprised and continued its impressive performance of the last two years, increasing to a new record high," said Carsten Brzeski at ING Bank.
Most Asian markets declined on Friday as concerns about inflation in the region sparked a wave of selling in some countries. Indonesian, Japanese and South Korean shares suffered big declines, while Chinese stocks finished higher on bargain buying.
Sentiment in many markets was also dented by worries that Beijing will further tighten monetary policy to rein in inflation.
Japan's Nikkei Stock Average fell 1.6%, South Korea's Kospi dropped 1.7% and Australia's S&P/ASX 200 shed 0.6%. Indonesian shares fell 2.1% and India's Sensex lost 0.3%.
