Money SA economy
The JSE opened weaker this morning, as was to be expected following the declines on global markets on news of the Goldman Sachs charges.
By 9.12am the JSE all share index was off 1.04%, with resources 1.17% weaker, gold miners off 0.56% and platinum miners 1.62% weaker. Banks were 1.83% lower, financials shed 1.57%, while the industrial index edged down 0.56%.
Gold was quoted at $1 133.18/oz from $1 141.41/oz at the JSE's last close. Platinum was at $1 678/oz from $1 706/oz at the JSE's last close.
"We knew it was going to happen after the falls on world markets. The rot actually started on Friday afternoon with news of the Goldman Sachs charges and it has just continued this morning. The gold price is weaker and although the rand is weaker, it is not offering much respite. The market has had a good run up and was looking a bit toppish, so it will react on any negative news. We will just continue to watch world markets and particularly the Dow for direction today," a South African trader says.
Dow Jones Newswires reported ongoing airline travel chaos will add to downward pressure on stocks, which are already reeling from concerns about Greece's debt and the fallout from US charges against Goldman Sachs.
Asian stocks also tumbled Monday as financial firms took hits from news that Wall Street giant Goldman Sachs had been charged with misleading investors.
