JSE opens slightly softer on global markets
October 28, 2005
Johannesburg - The JSE initially opened softer on Friday in line with weaker global markets, with no major early corporate news
to give the market direction.
By 9.20am, the all share index was down 0.21 percent and industrial index was down just 0.10 percent. The financial index shed 0.16 percent, while the banks index was off 0.59 percent. The resources index retreated 0.34 percent and the platinum mining index shed 0.86 percent. However, the gold mining index was up 0.99 percent.
The rand was bid at R6.69 per dollar from R6.68 when the JSE closed on Thursday, while gold was quoted at $473.55 an ounce from $473.70 at the JSE's last close.
"The weakness started yesterday afternoon and it has continued this morning. World markets are down after the Dow lost more than 100 points last night. We had three strong days on the JSE this week, so it's not surprising there's a bit of a pull back," said a trader.
Among resources stocks, Anglo was down 51 cents at R196.50 and BHP Billiton was down 15 cents to R95.95.
Among gold counters, AngloGold Ashanti was down 1.62 percent or R4.45 to R271.00, while Gold Fields was up 1.69 percent or R1.49 to R89.49 and Harmony was up 3.69 percent or R2.49 to R69.97.
Among platinum stocks, Anglo Platinum was down four rand to R410 and Impala Platinum was off R6.33 at R740.
Petrochemicals group Sasol shed R2.50, or 1.2 percent, to R206.50.
In the banks sector, FirstRand was 10 cents softer at R15.40 and Standard Bank shed 40 cents to R68.50.
AFX reported US stocks ended lower for a third session in a row on Thursday on concern over the wider implications for the economy of an ailing General Motors, and the impact of a possible indictment of key Bush administration officials on the president's economic agenda.
The Dow Jones Industrial Average ended down 115.03 points, or 1.1 percent at 10 229.95.
The Nasdaq Composite Index fell 36.24 points, or 1.7 percent to 2 063.81. The tech-rich index posted its biggest one-day drop in more than three weeks.
The S&P 500 Index was down 12.48 points, or 1.1 percent at 1 178.90.
Meanwhile, share prices closed lower in Tokyo, ending three consecutive days of gains, after the worse-than-expected industrial production data spurred profit-taking, dealers said.
The Nikkei 225 Stock Average closed down 70.54 points or 0.5 percent at 13 346.54, while the broader Topix index of all shares gave up four points or 0.3 percent at 1 419.84.
For the week, the Nikkei 225 rose 1.8 percent and the TOPIX advanced 3.1 percent. - I-Net Bridge
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