Money SA economy
The JSE had given up some of its earlier gains by noon on Friday as platinum counters came under pressure following the government's order restricting Lonmin from selling associated minerals.
The local market is cautious ahead of the release of key US non-farm payrolls data later Friday, a trader said. By 12.07pm local time the JSE all share index had gained 0.25%. Banks fell 0.18%, and industrials lost 0.02%, but financials firmed 0.25%.
Resources were 0.53% stronger, while platinum shares lost 1.97% and gold shares shed 0.44%. Gold was quoted at $1,194.05/oz from $1,191.09/oz at the JSE's previous close, while platinum was at $1,565.50/oz from $1,566.00/oz before.
The trader said some mining stocks were easing back on concerns that the government might review the terms of mining licences. Leading platinum stocks lower, Lonmin lost over 3%.
Kevin Algeo, portfolio manager at Imara SP Reid, said the Lonmin matter has raised concerns about the regulatory environment in South Africa.
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 were last trading higher, with the FTSE 100 recently 0.44% stronger.
On the JSE, Anglo American Plc gained 30 cents to 297.50 rand, and BHP Billiton (BIL) climbed 5.18 rand or 2.23% to 237.65 rand. Sasol (SOL) added 2.25 rand to 297.25 rand.
