Publications
Partners
Johannesburg - The JSE ended the week in negative
territory taking its cue from other global stocks, which were cautious
ahead of a meeting of finance ministers and central bankers from the
Group of Seven (G7) leading economies.
A local trader said there was some profit taking following "the strong run during the week". He added that some commodities were under pressure in dollar terms, but that on the local bourse gold miners were "responding nicely" to a weaker rand.
By 17:00 local time, the JSE All-share [JSE:J203] index lost 1.54% with a strong decline seen in banks, which were down 2.41%; financials fell 1.96% and industrials shed 1.29%. Resources gave up 1.66%, while platinum miners lost 0.87%.
Gold miners collected 1.86%.
The rand was bid at 7.27, from 7.14 at the JSE's close on Thursday. Gold lifted to $1 848.05 a troy ounce from $1 855.32 at the JSE's previous close, while platinum was at quoted at $1 833.50/oz, from $1 846.50/oz previously.
Dow Jones Newswires reported that US stocks opened lower on Friday as weakness in overseas markets helped push the euro to a seven-month low, taking some shine from President Barack Obama's plan to spur job growth.
The Dow Jones Industrial Average lost 151 points, or 1.3%, to 11 144.
The Standard & Poor's 500-stock index shed 20 points, or 1.7%, to 1 166, led lower by energy and financial stocks. The technology-heavy Nasdaq Composite dropped 37 points, or 1.5%, to 2 491.
The action comes after Obama on Thursday night called on Congress to pass a $447bn package that included tax cuts and spending initiatives to help boost economic growth. The package was slightly larger than Wall Street investors had anticipated.
But the gloom from overseas markets weighed on domestic stocks. European stocks were broadly lower, as investors moved cautiously ahead of the G7 meeting in Marseille, France.
At 16:46 local time, the FTSE 100 index was 82.27 points or 1.54% lower at 5 258.11.
A local trader said there was some profit taking following "the strong run during the week". He added that some commodities were under pressure in dollar terms, but that on the local bourse gold miners were "responding nicely" to a weaker rand.
By 17:00 local time, the JSE All-share [JSE:J203] index lost 1.54% with a strong decline seen in banks, which were down 2.41%; financials fell 1.96% and industrials shed 1.29%. Resources gave up 1.66%, while platinum miners lost 0.87%.
Gold miners collected 1.86%.
The rand was bid at 7.27, from 7.14 at the JSE's close on Thursday. Gold lifted to $1 848.05 a troy ounce from $1 855.32 at the JSE's previous close, while platinum was at quoted at $1 833.50/oz, from $1 846.50/oz previously.
Dow Jones Newswires reported that US stocks opened lower on Friday as weakness in overseas markets helped push the euro to a seven-month low, taking some shine from President Barack Obama's plan to spur job growth.
The Dow Jones Industrial Average lost 151 points, or 1.3%, to 11 144.
The Standard & Poor's 500-stock index shed 20 points, or 1.7%, to 1 166, led lower by energy and financial stocks. The technology-heavy Nasdaq Composite dropped 37 points, or 1.5%, to 2 491.
The action comes after Obama on Thursday night called on Congress to pass a $447bn package that included tax cuts and spending initiatives to help boost economic growth. The package was slightly larger than Wall Street investors had anticipated.
But the gloom from overseas markets weighed on domestic stocks. European stocks were broadly lower, as investors moved cautiously ahead of the G7 meeting in Marseille, France.
At 16:46 local time, the FTSE 100 index was 82.27 points or 1.54% lower at 5 258.11.
