JSE flat on profit taking

Johannesburg - The JSE was flat by noon on Friday seeing some profit taking and consolidation ahead of the weekend, a trader said.

At 12:01 the JSE all share index was flat, down 0.10%, with resources also flat, up 0.08%. Platinum miners weakened 0.69% while gold producers added 1.44%.

Banks were down 0.53%, financials eased 0.18% and industrials declined 0.29%.

The rand was bid at 7.52 to the dollar, from 7.52 when the JSE closed on Thursday. Gold was quoted at $1 141.64 a troy ounce from $1 136.35 at the JSE's last close, and platinum was at $1 425.90/oz, from $1 449/oz at its previous close.

"We are flat at the moment. We are consolidating ahead of the weekend," the trader said.

"It is still choppy and we are seeing interest coming back at these low levels. It's not too surprising to see profit taking."

"There is a move from some of the risk. There is not too much economic news to move the market. Markets have had big runs and now they are consolidating and there is profit taking. "

"I don't think we can read this as a reversal of the trend. The primary trend is still in place and the dollar remains weak," he said.

"The market is aware that it has moved up quite a bit. The rand has weakened, but not too dramatically. It's not doing too much for the market at this stage," he added.

Dow Jones Newswire reported that the FTSE 100 maintained gains. The mining sector led the index higher, rebounding from the lows seen on Thursday. Rio Tinto is +0.6%, rising upward after an initial fall following an equity downgrade. With little news flow and Thanksgiving next week, traders are bracing themselves for further low volumes, which appears to be the trend of late. There are no economic data points for the UK or the US on Friday.

The FTSE 100 had last collected 0.73%.

- I-Net Bridge

- I-Net Bridge