Money SA economy
The JSE ended an erratic session slightly higher on Tuesday, recovering from worse levels as investors took disappointing earnings from Goldman Sachs and IBM, and weak US housing starts data in their stride.
The JSE all share index ended flat (+0.07%). Key indices were mixed, with resources gaining 0.41%, and platinum miners adding 0.52%. But gold miners slumped 0.67%, and banks lost 0.48%. Financials weakened 0.34%, and industrials were flat (-0.04%). Gold was quoted at $1,192.45/oz from $1,179.78/oz at the JSE's previous close, while platinum was at $1,504.50/oz from $1,503.50/oz before.
A trader said the domestic market reversed earlier losses and closed in positive territory despite dismal earnings reports from the likes of Goldman Sachs Group, IBM and Texas Instruments.
Describing trade as erratic, the trader said the market also ignored a 5% drop in US housing starts to a seasonally adjusted annual rate of 549 000 in June.
Economists had been expecting a 3.2% decline.
Dow Jones newswires reports that US stocks tumbled on Tuesday as technology stocks led a broad decline, following a round of disappointing quarterly reports.
On the JSE, Anglo American plc fell 99 cents to R274.01, but BHP Billiton rallied R3.39 or 1.60 to R214.61.
