Money SA economy
The JSE succumbed to profit-taking during the morning session on Friday as investors closed positions ahead of the weekend after a strong run this week. But despite this, the domestic bourse was still in the black on positive global sentiment fuelled by the US initial jobless claims data on Thursday and firmer global equities, a trader said.
By noon local time the JSE all share index had gained 0.21%. Resources added 0.65%, platinum miners were up 0.28% and gold producers rose 0.69%. Banks lost 0.38% and financials gave up 0.39%, but industrials firmed 0.10%. Gold was quoted at $1 195.92/oz from $1 201.68/oz at the JSE's previous close, while platinum was at $1 526.50/oz from $1 528/oz before.
A local trader said the market had seen profit-taking after a good week in certain sectors, especially banks. "There is a psychological factor at play suggesting that after a good week of gains, profit-taking often follows," the trader said.
Dow Jones Newswires reports that Asian markets broadly rallied on Friday as positive leads from Wall Street prompted buying in exporter shares in Tokyo while the Bank of Korea's rate hike raised investors' confidence in the growth prospects of Asia's fourth-largest economy and lifted shares in Seoul.
European stocks also rose, taking their cue from positive US and Asian sessions, amid renewed optimism about a global economic recovery. In London the FTSE was last up 0.13%.
On the JSE, Anglo American plc rose R1.50 to R278.50, BHP Billiton gained R2.25 or 1.08% to R210.75 and Sasol picked up 71 cents to R281.01.
