Money SA economy
The JSE posted small losses on Thursday morning, as investors took a pause after a strong run yesterday.
The Federal Reserve's Beige Book report, which indicated the US economic recovery was slowing down, interrupted the positive momentum, limiting gains on Wall Street on Wednesday and hitting European stocks this morning, an equity trader said.
By 9.22am local time the JSE all share index had lost 0.07%, with gold miners down 0.05% and resources 0.32% weaker. However, platinum miners were up 0.01%. Banks gained 0.27%, financials eked out 0.05% and industrials rose 0.10%. Gold was quoted at $1 254.22/oz from $1 258.45/oz at the JSE's previous close, while platinum was at $1 552.50/oz from $1 564.50/oz at the JSE's close previously.
The equity trader said that despite the weak start, the market was looking relatively positive.
He said investors were waiting for some economic announcements, including the interest rate decision in South Africa and the weekly US jobless claims.
Dow Jones Newswires reports that Asian stock markets were mostly higher on Thursday though Chinese banks and property developers fell on persistent concerns that Beijing would roll out further tightening measures.
European stocks opened lower on Thursday, after Wall Street's gains were pared late in the day on Wednesday and fresh concerns surfaced about the weakness of the global economy. In London, the FTSE 100 index was last down 0.15%.
