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Stocks AM: JSE soft in futures closeout aftermath
Johannesburg, Mar 19 (I-Net Bridge) – The JSE took a dive straight into the red on Friday following a strong show on Thursday amid a high volume futures closeout.
By 09:23 the JSE all share index had given up 0.46%, with resources 0.35% softer. Gold miners were relatively flat, down 0.21%, and platinum miners declined 0.52%.
Banks were 0.66% worse off, financials dropped 0.45% and industrials moved 0.58% lower.
The rand was bid at 7.29 to the dollar, unchanged from the JSE’s close on Thursday. Gold was quoted at US$1,124.05 a troy ounce from US$1,122.21 at the JSE’s last close. Platinum was at $1,627/oz from $1,629/oz at the JSE’s last close.
A local trader said: “The JSE is weaker this morning but that is to be expected following a strong showing yesterday during a high volume futures closeout.
“Global markets are pretty flat, and I think given yesterday’s results we are likely to see some position squaring ahead of the long weekend.”
Dow Jones Newswires reported that European stocks are expected to open a little higher Friday, following the DJIA’s eight consecutive close in positive territory.
Ben Potter at IG Markets calls London’s FTSE 100 up six points at 5,649, Frankfurt’s DAX up 20 at 6,032 and Paris’s CAC-40 up 16 at 3,954. He warns that options expiry could prompt some volatility. He also says the Greek debt issue has resurfaced again, adding pressure to European equities as well as the single currency. He thinks this issue and the lack of economic
data may contribute to some nervousness during the session.
In Asia regional markets mostly higher with exporters supporting Tokyo market while property developers outperform in China. The Nikkei was trading 0.8% higher, while the Hang Seng was flat, up 0.05%.
By Gareth Vorster
I-Net Bridge.
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