JSE opens weaker as resources take a breather
Momentum SP Reid analysts says support for the rand and an inconsistent tone on Asian markets is likely to lead to ‘selling pressure for domestic assets’
The JSE opened weaker on Friday as resources lost ground with platinums leading the market on a firmer platinum price. Resources stocks were lower as the copper price retreated in early morning trade. The platinum price was up 0.54% to $1,013.91/oz, supporting platinum shares, despite the stronger rand. Gold capitalised on a slightly softer dollar, with the metal gaining 0.39% to $1,2513.76/oz in early morning trade, its best level in three months. "The relatively brisk support for the rand, slightly less conviction among US risk assets and an inconsistent tone on Asian markets would probably combine with technical features to create additional selling pressure for domestic assets on the JSE," Momentum SP Reid analysts said. The Dow closed at 20,810.32 points, its 10th consecutive record close. This followed comments by officials in the Trump administration that "very significant" tax reform was likely to be passed through congress by August. The Dow is up 5.3% so far this year. The...
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