The JSE was firmer on Friday at midday despite having closed in negative territory for the past five days. Gold miners continued to extend their week-long losses, capping gains on the local exchange. Markets were cautiously watching the much-anticipated US-payroll data due later on Friday. That would shed light on the US Federal Reserve’s likely pace of increasing interest rates this year. Rand Merchant Bank analyst John Cairns said the market had gone from not caring about the Fed to sudden panic, which has generated "sharp moves and a propensity for further spikes" on any further bad news, "and this is quite possible given the long-awaited employment report", on Friday afternoon. The Dow Jones industrial index closed flat at 20‚858.15 points while Asian markets were mixed in the morning. At 12.05pm, the JSE all share was up 0.53% at 51,179.2 points and the blue-chip top 40 added 0.67%. Gold miners led the local market’s losers, down by 2.93%, with the spot gold price down 0.32% to...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.