Money SA economy
The JSE closed in the red on Friday as the local bourse followed global markets lower on the back of negative US sentiment and news that Goldman Sachs and one of its vice-president had been charged in the US.
The US Securities and Exchange Commission on Friday charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages.
The JSE all share index was off 1.73%, with resources 2.59% lower, gold miners were 2.50% lower and platinum miners 2.43% weaker. Banks were 1.35% softer, financials dipped 1.04%, while the industrial index was down 1.14%.
Gold was quoted at $1,141.41 a troy ounce from $1,159.91/oz at the JSE's last close. Platinum was at $1,706/oz from $1,717/oz at the JSE's last close.
After opening softer on Friday, the JSE continued to trade lower during the course of the day as US investor sentiment soured in the wake of the latest round of earnings releases and the Goldman Sachs news weighted on the markets.
"All world markets reacted to the Goldman Sachs news," said a local trader, adding that European markets were also trading lower.
Dow Jones Newswires reported US stocks fell slightly Friday, led by financials after the latest round of earnings from the sector disappointed investors while Securities and Exchange charges against Goldman Sachs also weighed.
On the JSE, Anglo American was R8.71 or 2.57% lower at R330 , while BHP Billiton dropped R7.40 or 2.87% to R250.60. Sasol was off R8 or 2.59% to R301.
