Money SA economy
The JSE drifted weaker in directionless trade amid mixed global markets on Thursday, with metal prices lower and traders remaining wary about Europe's sovereign debt woes.
By 12pm the JSE all share index was down 0.51%, with resources 0.23% weaker, and platinum miners off 0.73%. Gold miners however gained 0.09%. Banks were 0.38% lower, financials 0.16% weaker, and industrials down 0.90%. Gold was quoted at $1,186.97/oz from $1,197.53/oz at the JSE's last close. Platinum was at $1,557.50/oz from $1,607/oz at the JSE's last close.
"There is not a lot of volume and nothing really to move us today. I think the shock that the Germans sent through the market is still with us. So traders are still very wary," a local equities trader said.
The JSE tumbled along with global markets on Wednesday after Germany's shock announcement of a ban on naked short-selling of certain financial instruments.
Dow Jones newswires reports that European stocks rose on Thursday, taking their cue from a late rebound on Wall Street, with banks recouping losses from the previous session.
At the same time, the euro steadied above its lows against the dollar.
Meanwhile US stocks are set to open a little lower as the euro's ongoing decline continues to weigh on sentiment on Thursday, but US stock futures indexes have recovered from steeper losses following falls in Asian markets overnight says David Morrison of GFT.
By noon on the JSE, Anglo had gained R1.35 to R282.60, while BHP Billiton lost R1.61 to R204.68. Sasol shed 50 cents to R279.60.
