Money SA economy
The JSE gave up some earlier gains at noon on Friday as wary investors focused on the upcoming US non-payroll data, ignoring news that Australia has decided to replace a proposed Resource Super Profits Tax with a Mineral Resource Rent Tax (MRRT).
By noon local time the JSE all share index had risen slightly 0.12%, with resources up 0.46%, but gold miners shedding 1.07% and platinum miners off 0.29%. Banks were down 0.40%, and financials were 0.31% lower, while industrials were flat (+0.02%). Gold was quoted at $1 211.80/oz from at $1 225.2/oz at the JSE's previous close, while platinum was at $1 514.50/oz from $1 503/oz at the JSE's last close.
A local trader said even though domestic equities had pulled back, they were still firmer.
The trader said the market was tracking its global counterparts, with European stocks staying in positive territory.
Kevin Algeo, portfolio manager at Imara S P Reid, said earlier the market expects poor US non-payrolls data later today. Algeo pointing to the latest ADP Employment Report in the US that showed a gain of only 13 000 non-farm private jobs rather than 60 000 projected increase.
Dow Jones Newswires reported that Asian markets ended mixed in choppy trade on Friday as investors remained cautious ahead of the upcoming US jobs data and on deepening concerns of an economic slowdown.
European stock markets moved higher on Friday, with Wall Street's late rally on Thursday and a buoyant basic-resources sector offering support as a watered-down version of Australia's planned new mining tax gave sentiment a boost.
On the JSE, Anglo rose R1.79 to R268.80, and Sasol added 47c to R271.97. BHP Billiton edged up R3.13 or 1.57% to R202.35.
