Money SA economy
The JSE opened a touch firmer on Friday, but there was nervousness due to a continued flood of downbeat global economic data.
By 9.27am local time the JSE all share index had gained 0.20%, with resources 0.25% lower and platinum miners falling 0.22%. Gold miners were up 0.05%, banks rose 0.32% and financials edged up 0.14%. Industrials also firmed 0.15%. Gold was quoted at $1 231.44/oz from $1 234.33/oz at the JSE's previous close, while platinum was at $1 521.50/oz from $1 525.50/oz before.
Mpho Mojalefa, a trader at BJM Private Client Services, said shares are struggling to find direction and were following global markets, which have fallen in response to another set of poor US data, lower. “It is difficult to see how the market will push higher today against the global economic data that came short of expectations. This has been the trend in the last two weeks," he said.
Mojalefa said gold stocks looked interesting given that there was search for safety.
Dow Jones Newswires reported that Asian stock markets were mostly lower after Wall Street tumbled on data indicating the US jobs market remains bleak, while the yen's strength continued to drag exporters' stocks in Tokyo.
But European stocks opened stronger despite the weakness in the US and Asia. In early trade in London, the FTSE100 was 0.18% stronger.
On the JSE, Anglo American added 40 cents to R270.00, and BHP Billiton gained R2.18 to R208.33, but Sasol shed R2.16 to R282.29.
