Money SA economy
The JSE suffered a broad sell-off at the close on Friday as it struggled to shake off lingering worries about the sovereign debt crisis in Europe and disappointment over poor US job data.
At 17:00 the JSE all share index plummeted 2.13%, with gold miners 1.06% lower and platinum miners slashing a whopping 4.20%. Resources shed 2.98%. Banks were down 1.80%, financials lost 1.87%, and industrials shed 1.40%.
Gold was quoted atS$1,204.05/oz from $1,216.05/oz at the JSE's previous close. Platinum was at $1,515/oz from $1,546/oz at the JSE's last close.
Kevin Algeo, portfolio manager at Imara SP Reid, said there was a broad sell-off on the local market on Friday, with concerns over Hungary keeping local markets under pressure.
There are fears that Hungary is heading for the 'Greece-style' crisis.
Algeo said the stronger dollar weighed negatively on commodities, sending resources stocks south. He also said local investors squared off positions ahead of the weekend.
A trader said the domestic bourse plummeted after the release of worse than expected US jobs data.
The US economy created 431,000 jobs in May amid massive temporary government hiring and the unemployment rate fell to 9.7% from 9.9%, official data showed Friday.
Dow Jones Newswires reported that US stocks opened sharply lower on Friday and the euro sank to a new four-year low after a much weaker-than-expected US payrolls report disappointed investors and turned their focus back onto Europe's deteriorating financial conditions.
Some of the major market movers on the JSE included Anglo, which shed R10.16 or 3.46% to R283.21 and BHP Billiton, that gave up R6.46 or 3.11% to R200.95. Sasol lost R7.46 or 2.66% to R273.00.
