Money SA economy
The JSE was flat in early trade on Friday, but was expected to drift lower in line with global sentiment.
A local trader pointed to an initial small bounce on the local bourse at its opening, following a 3% drop on Thursday and suggested a pullback during the course of the day amid continued nervousness over the financial state of countries in the eurozone.
By 9.24am the JSE all share index was 0.05% softer, with resources 0.27% worse off, and platinum miners 1.08% lower. Gold miners added 0.31%. Banks added 0.18%, financials gained 0.29%, but industrials were 0.05% weaker. Gold was quoted at $1 179.70/oz from $1 187.30/oz at the JSE's last close. Platinum was at $1 499.50/oz from $1 516.50/oz at the JSE's last close.
European stocks opened lower on Friday, after US stocks tumbled nearly 4% on Thursday, amid ongoing nervousness about sovereign debt and the impact of austerity measures on euro-zone growth, according to Dow Jones Newswires.
On Wall Street on Thursday, worries over the potential impact of the eurozone's woes on the global economy sent stocks tumbling, with Bank of America, Alcoa and General Electric among the worst hit.
In Asia, too, shares were mostly lower on Friday, hit by the heavy losses on Wall Street. But many markets were off their lows as some investors picked up recently battered shares.
At 9.25am on the JSE, Anglo weakened R1.13 to R272.23, while BHP Billiton gave up only 24 cents to R201. Sasol added a rand to R274.
