Money SA economy
The JSE opened weaker today as investors keep an eye on economic data, searching for clues of a slowdown in the global economic recovery.
The local market has shed about 6% since Monday last week, driven by concerns over the global economic recovery, traders said.
At 9.27am local time the JSE all share index had shed 0.92% with resources 1.62% down. Platinum miners shipped 2.03%, while gold miners declined 1.68%. Banks fell 0.51%, financials wavered 0.44% and industrials were 0.58% in negative territory. Gold was quoted at $1 235.43/oz from at $1 247.59/oz at the JSE's previous close, while platinum was at $1 556/oz from $1 571.00/oz at the JSE's last close.
Mpho Mojalefa, trader at BJM Private Client Services, said investors were concerned about the global economic slowdown. Mojalefa said this was his view, not that of Private Client Services.
Mojalefa said economic data, especially from the US and China, in the past two weeks had been very disappointing.
The clincher would be the US non-farm payrolls data, which is coming out on Friday. If the data is poor we are going to see more weakness in the equity market, Mojalefa said.
Dow Jones Newswires reported Asian stock markets were lower on Thursday after Wall Street fell on Wednesday, with the Australian and Japanese markets weakening on concerns about the global economic recovery.
The European markets also opened weaker on Thursday.
On the JSE, Anglo shed R4.23 or 1.57% to R264.76, BHP Billiton dropped R3.06 or 1.52% to R197.80, and Sasol declined R1.85 to R272.75.
