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Johannesburg - The JSE snapped a four-day winning streak, closing lower on Friday as investors took profits off the table following strong recent gains.
Gold counters fell following speculative buying, Kevin Algeo, portfolio manager at Imara SP Reid, said. The major theme for the day was the rand, which was significantly stronger, especially against the pound, he said.
At its close, the JSE all-share index fell 0.16%, with gold counters dropping 2.15%, platinum miners falling 0.71% and resources shedding 0.74%. Financials were virtually flat (0.09%), while banks fell 0.12%. But industrials rose 0.36%.
The rand was bid at 6.8468 to the dollar from 6.8655 at the JSE's close on Thursday. Gold was quoted at US$1 436.32 a troy ounce from US$1 446.53/oz at the JSE's previous close, while platinum was at $1 754.00/oz from $1 765.00/oz before.
Algeo said profit-taking also added selling pressure, with the market having had a strong run in the past few days. The local bourse defied its global counterparts, which were generally firmer.
Dow Jones Newswires reported that US stocks staged modest gains on Friday morning, as corporate earnings reports and data showing the US economy picked up some speed at the end of 2010 heartened investors.
The Dow Jones Industrial Average rose 25 points, or 0.2%, to 12 196 recently.
Investors largely shrugged off a disappointing University of Michigan consumer sentiment reading shortly before 10:00 EDT. The figure came in at 67.5, beneath economists' expectations, a reminder that consumer sentiment remained weak.
An encouraging reading on gross domestic product helped boost stocks on Friday. GDP, the value of all the goods and services produced in the economy, rose at an inflation-adjusted annual rate of 3.1% in the fourth quarter. The growth was slightly better than previously thought.
Gold counters fell following speculative buying, Kevin Algeo, portfolio manager at Imara SP Reid, said. The major theme for the day was the rand, which was significantly stronger, especially against the pound, he said.
At its close, the JSE all-share index fell 0.16%, with gold counters dropping 2.15%, platinum miners falling 0.71% and resources shedding 0.74%. Financials were virtually flat (0.09%), while banks fell 0.12%. But industrials rose 0.36%.
The rand was bid at 6.8468 to the dollar from 6.8655 at the JSE's close on Thursday. Gold was quoted at US$1 436.32 a troy ounce from US$1 446.53/oz at the JSE's previous close, while platinum was at $1 754.00/oz from $1 765.00/oz before.
Algeo said profit-taking also added selling pressure, with the market having had a strong run in the past few days. The local bourse defied its global counterparts, which were generally firmer.
Dow Jones Newswires reported that US stocks staged modest gains on Friday morning, as corporate earnings reports and data showing the US economy picked up some speed at the end of 2010 heartened investors.
The Dow Jones Industrial Average rose 25 points, or 0.2%, to 12 196 recently.
Investors largely shrugged off a disappointing University of Michigan consumer sentiment reading shortly before 10:00 EDT. The figure came in at 67.5, beneath economists' expectations, a reminder that consumer sentiment remained weak.
An encouraging reading on gross domestic product helped boost stocks on Friday. GDP, the value of all the goods and services produced in the economy, rose at an inflation-adjusted annual rate of 3.1% in the fourth quarter. The growth was slightly better than previously thought.
