Money SA economy
The JSE slipped for the third straight day on Thursday as investors remained fixated on the disappointing US economic data.
At the close, the JSE all share index lost 0.74% and resources fell 0.82%. Platinum miners dropped 2.18%, but gold miners gained 0.89%. Banks fell 1.08%, financials were 0.57% lower, and industrials weakened 0.74%. Gold was quoted at $1,243.47/oz from $1,231.66/oz at the JSE's previous close, while platinum was at $1,554.50/oz from $1,565.00/oz at the JSE's last close.
A local trader said investors remained nervous on concerns about the global economic recovery, especially in the US. The trader said the latest US economic data raised questions about the fragility of economic recovery.
The Dow Jones Newswires reported that US stocks slipped on Thursday, weighed by financials as investors braced for legislators to wrap up negotiations on the financial overhaul bill expected to be finalized on Thursday.
The Dow Jones Industrial Average was down 93 points, or 0.9%, to 10205, in recent trading.
The market's broad drop on Thursday came despite a bigger-than-expected drop in weekly jobless claims. Initial claims for jobless benefits fell by 19,000 to 457,000 in the week ended June 19, while economists had expected claims would fall by only 7 000.
On the JSE, Anglo shed R4.83 or 1.64% to R290.50, and BHP Billiton lost 21 cents to R219.00. Sasol declined R4.99 or 1.74% to R282.50.
