Money SA economy
The JSE managed meagre gains at the opening bell on Friday on the back of robust metal prices as investors braced for index rebalancing, which often follows the futures close-out.
By 9.23am local time the JSE all share index had gained 0.08% and resources rose 0.06%, but platinum miners fell 0.72%. Gold miners added 0.49%. Banks moved 0.23% higher, financials rose 0.26% and industrials ticked 0.04% firmer. Gold was quoted at $1 243.93/oz from $1 245.20/oz at the JSE's previous close, while platinum was at $1 573.00/oz from $1 569.50/oz at the JSE's last close.
A local trader said the local market had a slow start today. The trader said metals such as gold and platinum still looked strong, lifting domestic resources stocks despite the strong rand.
Futures close-outs occur every three months and these tend to result in a spike in trading volumes.
Dow Jones Newswires reports that US stocks rose on Thursday on a late rally that came despite disappointing US economic data, as gains in the euro after a successful Spanish bond auction helped lift companies that export to Europe, including Caterpillar, Kraft and Chevron.
European stocks are expected to open a touch higher on Friday, after Wall Street managed to close in positive territory, as investors continue to take heart from Thursday's successful Spanish bond auctions.
Asian shares were mostly up on Friday, with the Australian market leading the way higher on gains in materials, energy and financial plays.
