Money SA economy
The JSE shed its earlier gains in the afternoon session on Friday, tracking a retreat on Wall Street amid poor US economic data and company earnings which came in below expectations.
The JSE was however ended relatively flat at its close having gained more than 350 points by lunch. By 5pm the JSE all share index had gained 0.20%. Resources however, declined 0.41%, along with gold producers 0.98% lower, and Platinum miners lost 0.87%. Banks moved 1.02% higher, financials pocketed 0.54%, and industrials climbed 0.61%. Gold was quoted at $1,192.80 a troy ounce from $1 208.07/oz at the JSE's previous close, while platinum was at $1 516.50/oz from $1 527.50/oz before.
A local equities trader said: "We were quite surprised by a flat opening on the local bourse today after Asian markets declined following a weaker Dow on Thursday. Throughout the morning we saw the JSE gain traction, however, that was brought to a swift end when Wall Street opened amid poor CPI data while Bank of America and General Electric's results disappointed," he said.
Dow Jones newswires reports that US stocks fell broadly on Friday as investors registered their disappointment with a gloomy consumer sentiment report, and as a round of earnings reports showed revenues falling below expectations.
