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Johannesburg - The JSE gave up all its earlier gains and was slightly weaker at noon on Friday, despite the general strengthening of global equities. Gold stocks led the downside after the price of yellow metal fell sharply from record levels.
Profit-taking took hold following a strong rally over the past few days, an equity derivatives trader said.
By 12:05 local time, the JSE All Share [JSE:J203] was down a slight 0.10%, with gold counters dropping 2.21%, resources shedding 0.57% and platinum miners falling 0.53%. Banks lost 0.42% and financials were flat, but industrials rose 0.39%.
The rand was bid at 6.8933 to the dollar from 6.8655 at the JSE's close on Thursday. Gold was quoted at US$1 433.14 a troy ounce from US$1 446.53/oz at the JSE's previous close, while platinum was at $1 746.50/oz from $1 765.00/oz before.
The equity derivatives trader said the market would closely watch the US GDP later today.
Dow Jones Newswires reported that European stock markets edged higher early on Friday, with market participants taking a cautiously optimistic view that the sovereign debt concerns surrounding the "peripheral" euro-zone countries may be lessening.
Recent price action would suggest there is still excess money that needs to find a home, said Deutsche Bank's strategist Jim Reid, and the huge European "peripheral" mess will not lead to credit events as far as the eye can see.
By 09:25 GMT, the benchmark Stoxx Europe 600 index was up 0.1% at 276.00. London's FTSE 100 index was 0.3% higher at 5 896.83, Frankfurt's DAX index was up 0.5% at 6 966.32, and Paris's CAC-40 index was 0.1% higher at 3 970.23.
Despite the generally positive tone, one should not completely ignore sovereign risks as challenges remain, said Nomura's strategists, although they noted policymakers' efforts were heading in the right direction and correlations had fallen to sensible levels.
Elsewhere, tension in the Middle East and north Africa is not abating any time soon, with military alliance Nato agreeing to take command of enforcing the no-fly zone over Libya from the US. Oil prices remain elevated as a result, with the May Nymex crude oil futures contract still above US$105 per barrel, at US$105.62, up two cents at 09:35 GMT.
Profit-taking took hold following a strong rally over the past few days, an equity derivatives trader said.
By 12:05 local time, the JSE All Share [JSE:J203] was down a slight 0.10%, with gold counters dropping 2.21%, resources shedding 0.57% and platinum miners falling 0.53%. Banks lost 0.42% and financials were flat, but industrials rose 0.39%.
The rand was bid at 6.8933 to the dollar from 6.8655 at the JSE's close on Thursday. Gold was quoted at US$1 433.14 a troy ounce from US$1 446.53/oz at the JSE's previous close, while platinum was at $1 746.50/oz from $1 765.00/oz before.
The equity derivatives trader said the market would closely watch the US GDP later today.
Dow Jones Newswires reported that European stock markets edged higher early on Friday, with market participants taking a cautiously optimistic view that the sovereign debt concerns surrounding the "peripheral" euro-zone countries may be lessening.
Recent price action would suggest there is still excess money that needs to find a home, said Deutsche Bank's strategist Jim Reid, and the huge European "peripheral" mess will not lead to credit events as far as the eye can see.
By 09:25 GMT, the benchmark Stoxx Europe 600 index was up 0.1% at 276.00. London's FTSE 100 index was 0.3% higher at 5 896.83, Frankfurt's DAX index was up 0.5% at 6 966.32, and Paris's CAC-40 index was 0.1% higher at 3 970.23.
Despite the generally positive tone, one should not completely ignore sovereign risks as challenges remain, said Nomura's strategists, although they noted policymakers' efforts were heading in the right direction and correlations had fallen to sensible levels.
Elsewhere, tension in the Middle East and north Africa is not abating any time soon, with military alliance Nato agreeing to take command of enforcing the no-fly zone over Libya from the US. Oil prices remain elevated as a result, with the May Nymex crude oil futures contract still above US$105 per barrel, at US$105.62, up two cents at 09:35 GMT.
