Money SA economy
The JSE shipped just under 1 000 points, or 3.6% on Friday tracking a freefall on Wall Street with a trader citing possible panic in the markets due to a lack of any substantial new initiatives to address the euro zone sovereign debt crisis.
The local bourse has dropped more than 2,100 points over the past four days.
At its close the JSE all share index was off 3.63%, with resources 2.67% softer, and platinum miners 3.3% weaker. Gold miners added 0.71%. Banks were off 5.85%, financials shed 4.86% and industrials were 3.96% lower.
Gold was quoted at $1,199.40 from $1,184.47/oz at the JSE's last close. Platinum was at $1,655/oz from $1,665/oz at the JSE's last close.
"Its carnage on the local bourse again today," a local equities trader said. "US markets were nearly 230 points lower earlier, but have since come off those lows. There is still major concern over Greece's debt woes and with additional concern that it may spread to other European countries, with very little by way of solutions for these problems. The euro hasn't done us any favours either," he said.
One other trader said: "There is no one reason for this drop. Valuations may be stressed and we could just be seeing triggering of stop losses.”
Dow Jones Newswires reported that US stocks plunged again Friday morning, wiping out the year's gains for the major market measures.
The downward move came despite a Labour Department report showing job growth at its fastest pace in four years, reflecting continued investor worries over sovereign debt, the pace of the recovery and jitters from Thursday's steep slide.
On the JSE, Anglo fell R11.47 or 3.88% to R283.78 while BHP Billiton shed R5.32 or 2.47% to R210.48. Sasol slipped R9.90 or 3.44% to R278.10.
