JSE ends higher despite setbacks

Johannesburg - South African stocks managed to end in the black on Friday having come off their earlier best levels on the back of a strong rand and frail US markets.

By 17:00, the JSE all share index had collected 0.69% with resources edging up 0.16% and platinum miners gaining 1.64%. However, gold counters weakened 0.32%.

Banks advanced 3.09%, financials added 1.90% and industrials collected 0.67%.

The rand was last bid at 7.90 to the dollar from 8.03 when the JSE closed on Thursday. Gold was quoted at US$940.35/oz a troy ounce from US$935.40/oz at the JSE's last close, and platinum was at US$1, 201.50/oz, from US$1 184.50/oz at its previous close.

"We came off our earlier levels. We moved down with lower world markets," the trader said.

"The rand is also strong and that put resources under pressure. But it's more a case of dollar weakness than rand strength," he said.

"Otherwise, it's been a very quiet day and the volumes were low," he added.

Dow Jones Newswires reports that the new economic data offered investors some promise on Friday, but not enough to keep the previous session's rally going.

The Commerce Department reported that personal income rose at a seasonally adjusted rate of 1.4% compared to the month before. The jump reflected reduced taxes and increased social benefit payments unleashed by the stimulus package. Consumer spending rose 0.3% compared to the prior month. Personal saving as a percentage of disposable personal income was 6.9% in May.

Also, a report from Reuters and the University of Michigan showed a modest uptick in consumer sentiment.

When the JSE closed, the DJIA had last given up 0.70%.

- I-Net Bridge