Money SA economy
Contrary to European and Asian markets, the JSE was lower in noon trade on Thursday as players snatched profits after Wednesday's strong run when the all share index rose almost 2%.
By 12.00pm the JSE all share index was off 0.49%, with resources 1.09% weaker, gold miners off 0.66% and platinum miners 1.07% weaker. Banks were 0.25% lower, financials shed 0.21%, while the industrial index was flat (-0.01%).
Gold was quoted at $1,152.49 a troy ounce from $1,156.49/oz at the JSE's last close. Platinum was at $1,715/oz from $1,728/oz at the JSE's last close.
A local trader said that, after yesterday's strong rally, he was not surprised to see some profit taking. "It's not on bad news - Intel and JP Morgan supported the US market yesterday and the eastern markets today, but our markets have run up further than some of the other global markets, especially yesterday," he said.
He said it was mainly the resources that were pulling the market down this morning. "It was those same stocks that pulled the market up yesterday that are pulling it back today."
He added that jobless claims data in the US could provide some direction later today.
Asian markets ended mostly higher Thursday as strong overnight gains on Wall Street and China's first-quarter economic growth boosted regional markets, though Chinese property stocks were hurt by policy-tightening fears.
Meanwhile, US stocks are expected to open lower, unable to sustain the positive momentum seen over the past few days.
On the JSE, Anglo American was R5.10 or 1.5% weaker at R334.89, while BHP Billiton declined R2.99 or 1.15% to R256. Sasol was one rand worse off at R307.
