Money SA economy
The JSE ended lower on Wednesday, lacking clear direction amid lacklustre trade. A local trader pointed to safe haven buying as gold neared $1,200/oz.
The JSE all share index lost 0.30%, with banks down 1.19%, financials declined 0.73%, and industrials fell 0.35%. Resources were flat, down 0.05%, but platinum counters added 1.16% and gold shares gained 1.46%. Gold was quoted at $1,199.70/oz from US$1,187.15/oz at the JSE's previous close, while platinum was at $1,586.50/oz from $1,591.00/oz before.
A trader pointed to safe haven buying amid gold stocks, but he added that in general markets were lacklustre, lacking any real impetus or direction. "Markets will probably wait for US jobs data on Friday to provide any real substance," he said.
Dow Jones newswires reports that US stocks got off to a modest start Wednesday as hints of an improving labour situation and a better-than-expected non-manufacturing data helped to assuage investor fears, at least temporarily, about the struggling economic recovery's ability to create jobs.
Asian shares were mixed. The yen's rise to a fresh eight-month high against the US dollar hurt Japanese exporters' stocks, while overall confidence in markets was dented by renewed worries about the pace of the US economic recovery.
On the JSE, Anglo American Plc lost R1.40 to R299.60, and BHP Billiton fell R2.65 or 1.13% to R231.79. But Sasol gained R3 or 1.03% to R293.
