Data provided by McGregor BFA
All data is delayed
Loading...
See More

JSE weaker amid volatile trade

Jul 15 2011 10:11 I-Net Bridge

Related Articles

JSE ignores US data to close down

JSE up on global sentiment

JSE boosted by stronger global stocks

JSE off lows despite eurozone woes

Eurozone woes keep JSE, rand in the red

JSE in red as EU debt woes weigh

 
Johannesburg - The JSE was soft at its opening on Friday, in line with global sentiment as volatility continued to plague markets amid persistent conflicting data, with more on the cards throughout the course of the day.

By 09:11 local time, the JSE All Share [JSE:J203] index lost 0.21%, with gold miners off 0.23% and resources down 0.49%. Platinum miners lost 0.10%.

Industrials were a tad off, by 0.03%. Banks fell 0.19% and financials dropped 0.08%.

The rand was bid at R6.91 to the dollar, from R6.85 the JSE's close on Tuesday. Gold was quoted at $1 579.76 a troy ounce from $1 583.65/oz at the JSE's previous close, while platinum was at $1 752/oz, from $1 767/oz previously.

A local trader said that it was difficult to determine which way markets would turn next amid a stream of conflicting data.

"The JSE has run quite hard of late, and on percentage terms has performed better than most markets under very difficult circumstances, including local political issues with the current strikes," she said, noting some profit-taking in the local market.

Dow Jones Newswires reported that regional markets in Asia were mixed as caution prevailed amid another ratings agency warning on US government debt and ahead of the results of euro-zone bank stress tests.

Late on Thursday, Standard & Poor's placed its US "AAA" long-term and "A-1" short-term sovereign credit ratings on CreditWatch with negative implications following Moody's Investors Service's move on Wednesday to put US debt on watch for a possible downgrade.

The Nikkei closed 0.4% firmer, the Hang Seng Index was down 0.46%, the Kospi gained 0.7%, the Taiex was up 1.1%, and the Shanghai Composite is added 0.2%.

European stocks are set to open lower on Friday, as another warning by a ratings agency on US government debt, together with US Federal Reserve chairman Ben Bernanke deflating expectations of additional monetary stimulus, damp sentiment.

Adding to worries about the US economy, Bernanke deflated additional monetary stimulus hopes by telling legislators that the Fed was not making any new bond-buying proposals. Those hopes arose on Wednesday when Bernanke appeared to leave the door open to more policy actions as he spoke before Congress. The second round of quantitative easing concluded at the end of June.

Later in the day, the results of the European Bank stress tests are expected to be released at about 16:00 GMT.

In the US, consumer prices inflation for June is expected at 14:30, together with the Empire State manufacturing reading. Industrial production data follows at 15:15, with the University of Michigan confidence survey soon after at 15:55. On the corporate agenda, second-quarter earnings from Citigroup would be under the spotlight after Thursday's estimate-beating earnings from JPMorgan Chase.

On the JSE, Anglo American [JSE:AGL] lost 47 cents to R332.03, BHP Billiton [JSE:BIL] fell R2.78 or 1.06% to R260.70, and Sasol [JSE:SOL] fell R2.29 to R354.21.

Retailer Truworths International [JSE:TRU] waivered R1.30 or 1.79% to R71.20.

Sugar group Tongaat Hulett [JSE:TON] added R1.50 or 1.62% to R94.

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

DA ad scores nearly half a millions hits on YouTube

The DA's "Ayisafani" (It's not the same) election TV advert - originally pulled off the air by the SABC - has garnered nearly half a million views on YouTube.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...