Money SA economy
The JSE opened slightly firmer on Wednesday, however it turned around within the first half hour of trade.
A trader said the strong rand was probably the culprit, as it weighed on resources and other dual listed counters. Gold stocks shone as the yellow metal price struck yet another record high in Asian trade. By 9.35am local time the JSE all share index had fallen 0.32%, with resources and platinum miners both off 0.18%. However, gold miners were 0.87% higher. Banks were off 0.49%, financials shed 0.50% and industrials were 0.35% lower. Gold was quoted at $1 290.24/oz from $1 275.42/oz at the JSE's previous close, while platinum was at $1 634.00/oz from $1 619.00/oz at the JSE's close previously.
Mpho Mojalefa, trader at BJM Private Client Services, said the strong rand was likely to keep any gains on the local bourse muted.
"There is a lot of mixed feelings about what the Fed said yesterday and the market is digesting its statement," Mojalefa said.
Dow Jones Newswires reports that Asian stock markets were mostly higher on Wednesday, with Japanese exporters falling on the yen's strength against the dollar after the Federal Reserve said on Tuesday it was ready to do more to recharge the US economy.
European stock markets opened higher on Wednesday, after markets elsewhere reacted favourably to the Federal Reserve's policy meeting on Tuesday, in which it hinted that additional measures could be used to stimulate economic growth.
On the JSE, Anglo American lost R1.41 to R279.96, Sasol fell R2.27 to R305.23 and BHP Billiton shed 61 cents to R217.62.
