Money SA economy
The JSE closed slightly in the black on Monday, tracking European stocks, a local trader said.
"We started the day 200 points higher. We couldn't hold those levels. We followed the European markets lower. There's no specific reason why the European markets were weaker, probably just some profit taking," the trader said.
US markets were closed for the Labour Day holiday on Monday.
By 5pm local time the JSE all share index rose 0.13%, with resources 0.08% higher. But platinum miners lost 0.53%. Gold miners gained 1.95%. Banks shed 0.88% and financials were down 0.42%, and industrials gained 0.45%. Gold was quoted at $1 249.37/oz from $1 244.52/oz at the JSE's previous close, while platinum was at $1 558.50/oz from $1 550.00/oz before.
Dow Jones Newswires reported that European stocks rose Monday as the positive momentum prompted by last week's US nonfarm payrolls data continued, although volumes were light with the US markets closed for the Labour Day holiday.
Nonetheless, gains were muted and, with Wall Street closed for a public holiday and no economic data to provide any impetus, traders said the session is likely to remain quiet.
Asian stock markets were mostly higher on Monday, as construction stocks rallied in New Zealand after a weekend earthquake there and Apple-related plays gained in Taiwan.
