Money SA economy
The JSE closed lower for a third straight day on Friday, albeit marginally amid a volatile day of trade on global markets, which resulted in some bargain buying on the local bourse.
The JSE all share index finished 0.30% lower, with platinum miners off 0.36% and Gold miners wavered 2.3%. Resources however, added 0.94%. Banks were 0.42% lower, financials dropped 0.33%, and industrials wavered 1.51%.
Gold was quoted at $1,178.03/oz from $1,187.30/oz at the JSE's last close. Platinum was at $1,497.50/oz from $1,516.50/oz at the JSE's last close.
A local equities trader said: "We did see some bargain buyers amid choppy trade today. Markets were very volatile. The local bourse found some support at its February levels."
Dow Jones newswires reports that US stocks pared much of their early losses on Friday, swinging between small gains and losses as eurozone concerns lingered stubbornly, but financials gained after the US Senate's approved a legislative overhaul.
Both the lower and upper houses of Germany's parliament approved the country's contribution to the €750 billion ($946) aid package from the European Union and International Monetary Fund bailout.
However, financials rose after the US Senate approved a package of financial legislation constituting the biggest overhaul of US financial regulations since the 1930s. The fate of several key provisions, notably the derivatives activities of banks, still need to be hashed out when the House and Senate meet to combine their respective bills.
