JSE reverses gains as Dow falls

By noon local time the JSE all share index had added 0.07%, with platinum miners rising 0.29%. But resources lost 0.07 and gold miners shed 1.39%. Banks fell 0.44%, financials were 0.20% lower, but industrials gained 0.31%.

The rand was bid at R7.25 to the dollar from R7.27 at the JSE's close on Thursday. Gold was quoted at $1 215.14 a troy ounce from $1 1214.45/oz at the JSE's previous close, while platinum was at $1 535/oz from $1 529.50/oz before.

An equities dealer said the local market had given up earlier gains on the back of lower US futures. The local bourse had opened stronger supported by Asian markets and upbeat GDP data from Germany, but had come off its best levels during the course of the morning.

Dow Jones Newswires reports that Asian stocks were generally higher on Friday, rebounding from recent losses, though gains were capped by investors' caution after a volatile trading week and ahead of key Japanese growth data early next week.

Tokyo shares ended up 0.4%, with the Nikkei Stock Average snapping a five-day losing streak, but Hang Seng Index eased 0.2%.