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Johannesburg - The JSE opened a touch softer in quiet Monday
trading on the back of weaker commodity prices.
At 09:13 local time‚ the JSE All Share [JSE:J203] index was
down 0.12% at 33‚753.65 points‚ with resources losing 0.34% and gold shares
slipping 0.27%‚ but platinum miners were up 0.17%.
Financials edged up 0.18%‚ banking stocks were up 0.37% and
industrials were down 0.11%.
The rand was steady at R8.26 to the US dollar‚ from R8.26 at
the JSE’s close on Friday‚ while gold changed hands at $1 587.25 a troy ounce
from $1 593.45/oz at the JSE’s previous close and platinum was quoted at $1
428.50/oz‚ from $1 431.50/oz previously.
“Resources continue to take strain‚ while banks continue to
outperform‚” a local trader said.
Dow Jones Newswires reported that Australian shares were
unable to maintain a strong start on Monday‚ paring gains to close 0.6% higher
as conservative investors continue to fret about challenges to global growth.
Following a 1.6% jump Friday on the Dow Jones industrial
average in the US‚ Australia's benchmark S&P/ASX 200 finished up 22.9
points at 4105.1‚ having risen as high as 4126.9 in early trade.
Wall Street was boosted by a better-than-expected earnings
report from JPMorgan Chase. Commodity prices also rose after Chinese gross
domestic product figures on Friday met expectations amid fear they could be
worse‚ though they nevertheless indicated the world's second-biggest economy is
slowing.
BHP Billiton gained 1% and fellow mining heavyweight Rio
Tinto added 0.8%.
Quarterly production reports from miners will be in focus this week‚ with Rio Tinto and Fortescue Metals releasing figures Tuesday‚ followed by BHP Billiton [JSE:BIL] on Wednesday. Investors will be looking for any signs of slower Chinese demand being reflected in output for the three months to June 30‚ with outlook statements to be closely scrutinised.
