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JSE softer after rally

Nov 30 2012 10:35
I-Net Bridge

Johannesburg - The local bourse was trading in the red on Friday morning‚ with platinum and gold counters showing a bit of upside‚ after the gold and resources gauges led the JSE rally on Thursday due to stronger commodity prices.

The US fiscal cliff negotiations continue to be the global focus point determining market sentiment.

At 9:14pm‚ the All Share [JSE:J203] index was flat (-0.08%) at 37‚878.71 points‚ with the Top 40 - (Tradeable) [JSE:J200] index slipping 0.11%. The platinum and gold mining gauges were up 0.40% and 0.18% respectively.

Eastern markets were trading in positive territory with the Japanese Nikkei 225 closing 0.48% higher and the Hang Seng index 0.62% higher in late trade in Hong Kong.

On the local front the October trade data number is out at 2pm on Friday.

“We expect a record deficit in excess of R20bn - shocking to say the least. The terrible figure is partly a result of seasonal effects and the mining strikes. Our trade position is poor‚ but not as bad as the number is likely to suggest. November’s number will certainly be much better‚” Rand Merchant Bank said in a morning note.

“The trade number should theoretically be in the price but the market could still react with surprise. Further risks come from numerous‚ mostly second-tier‚ global data releases. The German parliament is expected to approve the latest Greek deal today. Chinese PMI figures will be out tomorrow‚” it said.

jse  |  markets


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