Money SA economy
The JSE bucked the international trend on Monday, ending lower on a combination of a strong rand and some profit-taking.
At 5pm, the JSE all share index was -.50% weaker, with resources down 0.72%, industrials 0.17% lower and gold miners off 1.22%. Platinum miners however were up 0.29%. Banks were 1.41% weaker while financials gave up 0.69%.
Gold was quoted at $1 162.05/oz from $1 159.22/oz at the JSE's last close. Platinum was at $1 733.50/oz from $1 722.50/oz at the JSE's last close.
"The JSE had a strong start this morning in line with overseas markets, but then pulled back and has ended in the red mainly on the back of some profit-taking and the strong rand. But volumes are also very thin at the moment," a local equities trader said.
Dow Jones Newswires reported that US stocks climbed tentatively on Monday as concerns over European sovereign debt receded and investors looked ahead with cautious optimism to upcoming earnings.
Investors said expectations were high for earnings season, which unofficially kicks off with Alcoa's late Monday announcement.
But while market watchers said it will be easy for companies to show stronger earnings now compared to one year ago, guidance for future improvements could point to tougher business conditions in the second half of 2010.
