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Cape Town- The JSE weakened on Friday, as resources shares pulled the market lower.
The rand weakened by more than 1.04% and traded at R12.93 against the dollar at the close of the market.
The JSE All-share index fell 0.27%, and the Top 40 dropped 0.32%. Resources fell by 1.03%, Industrials 0.16%, Golds moved 0.10% and Financials managed a positive 0.06%.
UK markets were down 0.32%, Germany’s DAX gained 0.5% and the French CAC slipped 0.06%.
Santam [JSE:SNT] fell by 3.73% to R257.70 after reporting a disappointing interim financial statement on Thursday. The financial strain came as a direct result of the fires that affected Knysna and Plettenberg Bay during the period.
Gold prices cooled on Friday to $1 346/oz after the US dollar strengthened in late trade. New York Federal Reserve President William Dudley called on the US central bank to continue gradually raising interest rates, as the low inflation is seen to rebound.
Crude oil prices came off 0.73% to $54.09/bbl after data showed that US supplies of crude oil rose for the first time in ten weeks. Several refineries shut down last week due to storm Harvey.
A report from the Energy Information Administration (EIA) showed crude stockpiles rose more than expected last week, offsetting recent optimism on oil prices, which has seen crude futures settle higher for three straight days.
Inventories of US crude
rose by roughly 4.6 million barrels in the week ended September 1, as against
expectations of a rise of about only 4 million barrels.
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