JSE slips as platinums‚ resources weigh

Johannesburg - The JSE was in negative terrain early on Friday morning as platinums and resources weighed after their recent good performances and gold mining counters gave up some of their recent ground.

No major local data is due on Friday‚ but US growth numbers at 2:30pm should provide some direction.

At 9:15am‚ the All Share [JSE:J203] index was 0.22% softer at 39‚041.12 points and the Top 40 - (Tradeable) [JSE:J200] index down 0.21%.

The platinum‚ resources and banking indices gave back 1.74%‚ 0.64% and 0.52% respectively.

The gold index was 0.12% softer after good gains this week.

At 9:28am local time spot gold was up 0.28% at $1 468.25/oz‚ while the platinum spot price added 0.44% to $1 470.50/oz.

Far Eastern markets were mixed with the Japanese Nikkei ending 0.30% softer and the Hong Kong Hang Seng index 0.72% firmer.

Gold had a particularly good day yesterday‚ jumping almost $40/oz‚ and the trend has continued into today’s Asian trade‚ Rand Merchant Bank said in a morning note.

“The risk environment is a little mixed. US equities saw further mild gains overnight‚ taking the S&P500 to close to its record high but trade is lacklustre‚ sentiment mixed and it does not seem that there is the impetus needed for a strong push higher‚” RMB said.

“The focus early this afternoon will be on the first quarter US GDP figure. Strong growth of 3% quarter on quarter annualised is expected‚ although it is clear that the second and even third quarter growth will falter‚ with the real economic recovery only expected to start towards the end of this year. We end the week with the US consumer confidence figure‚” the bank said.