Money SA economy
The ongoing European debt crisis continued to weigh on global markets, but the JSE did not fare as badly on Thursday as some of its global counterparts as local financials and banks posted gains.
The JSE's all share index closed down 103.8 points, or 0.38%, after it lost 300 points Wednesday and 700 points on Tuesday.
For most of the session, the local bourse was flat as some semblance of calm returned to world markets after the pounding they have endured over the past two days owing to lingering concerns over possible contagion from the European debt crisis.
The JSE's resources index lost 0.91% and platinum miners gave up 2.26%. Gold miners however finished 0.40% firmer, with banks closing 1.16% higher and financials adding 0.18%. Industrials were 0.13% weaker.
On Wall Street, US stocks slipped on Thursday morning New York time as the dollar strengthened and oil prices slid, cutting into energy stocks and disappointing April retail stores undermined consumer stocks, according to Dow Jones Newswires.
Earlier Asian stocks were mostly weaker, but some of the eastern markets played catch up after coming back from holidays this week.
In late London trade the FTSE100 was down just over 1%. Market participants were eyeing the UK general election, for which polling took place Thursday.
The rand has been tracking the euro over the last week or so, and it remained under pressure in late afternoon trade. The unit hit an intraday worst level of near 7.69 against the US dollar, after closing at 7.6159 overnight.
However, a local trader said the rand had failed to break 'a technically tough level' of 7.70 against the greenback.
