Money SA economy
The JSE opened slightly firmer on Friday ahead of the release of key US non-farm payrolls data on Friday, with the market mulling over the ramifications of the government's order restricting Lonmin from selling certain minerals.
By 9.26am local time the JSE all share index had rose 0.57%. Gold miners climbed 0.44% and resources edged up 0.64%, but platinum miners declined 0.88%. Banks rose 0.25%, financials firmed 0.69%, and industrials added 0.46%. Gold was quoted at $1,196.97/oz from $1,191.09/oz at the JSE's previous close, while platinum was at $1,571.50/oz from $1,566.00/oz before.
Kevin Algeo, portfolio manager at Imara S P Reid, said the Lonmin matter raised concerns over the regulatory environment in South Africa.
On Thursday, UK-based mining company Lonmin said that late on Wednesday it received a letter from the Department of Mineral Resources (DMR), which contained an order to refrain from selling nickel, copper, chrome and any other minerals other than platinum group metals (PGMs) with immediate effect.
Lonmin said it intends contesting this matter vigorously and will be seeking an urgent court ruling to overturn this order.
Dow Jones Newswires reported that Asian markets were mixed as caution prevailed ahead of the US non-farm payrolls with risk aversion rising after a surprise rise in weekly jobless claims reported on Thursday.
European stocks started on a high note on Friday. The FTSE 100 was last 0.43% stronger.
On the JSE, Anglo American Plc gained 80 cents to R298, and BHP Billiton rose R3.93 or 1.69% to R236.40. Sasol added R1.99 to R296.99.
