Money SA economy
The JSE failed to hold on to its earlier gains at noon on Friday, weighed negatively by uncertainty over Australia's proposed super-profits tax and caution ahead of the Group of 20 (G20) meeting.
At 12pm local time the JSE all share index had lost 0.51% and resources shed 1.17%. Platinum miners gave up 0.52% and gold miners dropped 0.27%. Banks moved 0.20% lower, and financials edged down 0.32%, but industrials were slightly higher 0.06%. Gold was quoted at $1 243.09/oz from $1 243.47/oz at the JSE's previous close, while platinum was at $1 553.50/oz from $1 554.50/oz at the JSE's last close.
A local trader said it looked like the market was turning positive in the morning session, but it reversed those gains.
The trader said he did not think investors would place large bets on the table ahead of the meeting of G20, which might affect currencies.
The G20 meeting starts in Toronto on Saturday.
The new Australian Prime Minister Julia Gillard indicated that she was not going to waiver the proposed super-profits tax, the trader said. BHP Billiton led the decline.
Dow Jones Newswires reports European stocks were a little higher on Friday, dragged upwards by the banking sector as selling pressure in the basic-resources sector alleviated.
On the JSE, Anglo gave up R5.79 or 1.99% to R284.71, and BHP Billiton lost R4.00 or 1.83% to R215.00. Bucking the trend, Sasol rose R1.40 to R283.90.
