Money SA economy
The JSE moved sharply into the red on Friday following Wall Street's plummet overnight and amid continuing financial concerns for Greece.
By 9.22am the JSE all share index was off 1.86%, with resources 1.52% softer, and platinum miners 1.73% weaker. Gold miners added 0.42%. Banks were off 2.82%, financials shed 2.48% and industrials were 1.96% lower. Gold was quoted at $1 1202.83/oz from $1 184.47/oz at the JSE's last close. Platinum was at $1 665/oz from $1 665/oz at the JSE's last close.
A local trader said: "It appears as thought there was a glitch in the system on Wall Street overnight, however that came on top of weaker markets. As a result, the JSE is under pressure this morning, amid a soft rand. Gold stocks have shown some resilience however amid a firm gold price. US futures are a tad higher, possibly looking for some correction, but it doesn't put Greece and Europe's monetary issues out of the way.”
European stocks were lower on Friday, following sharp losses on Wall Street Thursday, amid lingering concerns over sovereign debt and ahead of the release of non-farm payrolls data, according to Dow Jones Newswires.
On Wall Street Thursday, stocks plunged, falling for a third-straight session, in a selloff accelerated by automated orders and possible erroneous trades, as investors grew increasingly restless over southern Europe's festering sovereign-debt woes.
In Asia, shares were lower Friday, but recovering some ground as investors took heart from the realization that a trading glitch was partly behind Wall Street's slide overnight and began to bargain hunt.
