Money SA economy
The JSE opened flat on Wednesday morning with bank and financial stocks coming under renewed pressure, while gold shares continued to rise.
By 9.19am local time the JSE all share index had lost 0.08%. Gold miners climbed 0.37% and platinum miners rose 0.06%, but resources declined 0.24%. Banks shed 0.74%, financials slid 0.32%, while industrials edged up 0.18%. Gold was quoted at $1,193.22/oz from $1,187.15/oz at the JSE's previous close, while platinum was at $1,592.00/oz from $1,591.00/oz before.
A trader said the local market had seen little activity at the opening bell after Wall Street closed lower on Tuesday. The trader said gold counters were receiving attention, while financial and bank stocks came under pressure.
Gold shares gained ground as investors sought safety in the yellow metal following some weakness in the US dollar, the trader said.
Asian shares were mixed. Dow Jones Newswires reported that the yen's rise to a fresh eight-month high against the US dollar hurt Japanese exporters' stocks, while overall confidence in markets was dented by renewed worries about the pace of the US economic recovery.
Overnight, the Dow Jones Industrial Average declined 0.4%, marking its fourth drop in the past five sessions.
European stocks started negatively as confidence in the global economic recovery has been dented and US earnings data have started to disappoint.
On the JSE, Anglo American Plc lost R1.14 to R299.86, and BHP Billiton fell R1.94 to R232.50. But Sasol gained R1.49 to R291.49.
