Money SA economy
The JSE ended firmly in the red on Friday in line with global sentiment as concern over the debt burden of euro zone countries deepened.
At its close, the JSE all share index was 2.49% lower, with resources 3.54% worse off. Platinum miners declined 5.04% and Gold miners wavered 1.76%. Banks were down 2.92%, financials lost 2.28% and industrials were 1.54% weaker. Gold was quoted at $1,224.29 a troy ounce from $1,238.41/oz at the JSE's last close. Platinum was at $1,715.50/oz from $1,734/oz at the JSE's last close.
Gold had rallied to new highs on Friday as continued concern over financial woes in the euro zone prompted safe-haven buying of the precious yellow metal by jittery investors.
Spot gold hit a high of $1,249.40/oz in noon trade, up 1.4% from Thursday's close.
A local equities trader said: "International sentiment is pretty gloomy at the moment. Investors appear to have 'Friday fears', with concern over Europe and its growth potential, particularly in the euro zone. "Sentiment is also nervous regarding the state of the euro which continued to break new lows. "Employment stats out of the US still point to high rates," he said.
Dow Jones Newswires reported that US stocks opened lower Friday as financials weakened as concerns mounted over the fiscal viability of the euro zone and new US financial legislation advanced.
On the JSE, Anglo shed R12.99 or 4.3% to R288.81, and BHP Billiton lost R8.42 or 3.84% to R210.90. Sasol shipped R3.72 or 1.3% to R281.50.
