Money SA economy
The JSE was flat on this morning ahead of the Easter long weekend, which surprised local traders after the very positive news from the Far Eastern markets this morning.
By 9.16am the JSE all share index was up just 0.06%, with resources up 0.17% and platinum miners 0.48% firmer. However, gold miners were off 0.23%. Banks were 0.17% stronger, financials were 0.11% better, but the industrial index was unchanged.
Gold was quoted at $1 115.11/oz from $1 115.82/oz at the JSE's last close. Platinum was at $1 649/oz from $1 647.50/oz at the JSE's last close. A local trader said he was surprised the JSE was so flat after the "wonderful news" from the Asian markets this morning.
"Asian manufacturing was sharply up, the Tankan survey showed a sharp improvement in business sentiment, exports were up sharply from South Korea and Taiwan and base metals are rallying. I would have expected a stronger start for the JSE. But we might see some momentum as the European markets start to buy into the sentiment," a trader said.
Dow Jones Newswires reported that European bourses are likely to start little changed on Thursday, with Wall Street's overnight decline balanced by higher futures ahead of more critical US labour data.
Wall Street futures are higher, after markets fell Wednesday on a poor jobs report. The Dow closed 51 points lower overnight.
Asian shares traded higher Thursday with Japan's market getting support from data showing improved business conditions, while signs of a pickup in manufacturing activity boosted shares in China.
On the JSE, Anglo American was up R2.05 to R321 and BHP Billiton was 98c higher at R252.98. However, Sasol shed R4 or 1.32% to R298.73.
