Money SA economy
The JSE finished weaker on Friday as US stocks fell sharply after the release of poor US employment data. A local trader said that concerns over the government's order restricting Lonmin from selling associated minerals also weighed on the local bourse.
Dow Jones Newswires reported that US stocks slid as Wall Street did not hide its disappointment over the government's July jobs numbers and investors scrambled into safer positions. The Dow Jones Industrial Average fell 141 points and risk-averse investors moved into Treasurys, with the yield on the 10-year note touching its lowest level in more than a year.
The JSE all share index closed down 0.86%, led by a 3.27% decline in the platinum index and a 1.08% slide in the resources index. However, gold shares rose 0.38%. Banks declined 1.60%, financials gave up 1.03% and industrials fell 0.56%. Gold was quoted at $1,206.57/oz from $1,191.09/oz at the JSE's previous close, while platinum was at $1,567.00/oz from $1,566.00/oz before.
A trader said the local market ended weaker as US stocks tumbled on news of the worse than expected US nonfarm payrolls data, which fell by 131,000 last month, more than the drop of 60,000 economists had expected.
The trader also said investors cleared their long positions ahead of the long weekend.
Leading platinum stocks lower, Lonmin lost over 4%.
On the JSE, Anglo American Plc lost R6.80 or 2.29% to R290.40, and BHP Billiton declined 33 cents to R232.14. Sasol slid 50 cents to R294.50.
