Money SA economy
South African stocks ended lower on Friday, largely on the back of the US Federal Reserve's surprise decision to raise its discount rate, and a stronger dollar affecting local commodity stocks.
However, the local bourse did manage to come off its earlier lows in the afternoon as the US dollar came off a fraction from its earlier peaks.
By 5pm the JSE all share index was 0.78% lower, with resources down 1.24%, gold mining shares lost 1.71% and platinum miners fell 0.83%.
Banks and financials declined 0.76% and 0.67% respectively, while industrials lost 0.34%.
Gold was quoted at $1,113.99 a troy ounce from $1,117.57 at the JSE's last close, and platinum was at $1,513.50/oz, from $1,529.50/oz at the bourse's previous close.
A local equities dealer said: "We saw a soft start on the back of the Fed's rate decision on Thursday, and drifted lower into mid morning trade. However, CPI figures out of the US this afternoon saw a turnaround for futures, and along with the dollar coming off its earlier highs, the local bourse gradually ticked back up, particularly commodity stocks."
Dow Jones Newswires reports that the US stock market opened lower on Friday, as investors retreated after the US Federal Reserve unexpectedly raised the discount rate after Thursday's close, but the drop was softened by a smaller-than-expected rise in consumer prices.
The Dow Jones Industrial Average was down 16 points, or 0.2%, to 10377 in early trading.
On the JSE, Anglo American shed R7.90, or 2.66%, to R289 and BHP Billiton dropped R1.93, to R238.05. Sasol found R1.25, to R282.75.
