JSE loses momentum after previous day's strong close
At midday the JSE all share was down 0.27% and the blue-chip top 40 shed 0.33%; European markets were generally flat
The JSE lost momentum at midday on Friday after closing 2.03% higher on Thursday as the dollar weakened against its peers when the US Federal Reserve indicated it was unlikely to speed up monetary tightening. On Thursday, Gold Fields and Sibanye Gold gained more than 8%, while Kumba Iron Ore rocketed by10.41% as the bullion price gained 0.27% or $3.26 to $1,229.49, benefiting from the weaker dollar. On Friday, Rand Merchant Bank analyst John Cairns said "Risk assets have given back some of their immediate post-Fed gains, even though ongoing dollar weakness, as exemplified in another euro to dollar jump, implies that risk currencies have scope to diverge from the general risk trend." The Dow Jones industrial index closed flat at 20‚9354.55 points while Asian markets were mixed in the morning. The Nikkei 225 and Shanghai Composite were down, while the Hang Seng was flat. At midday on Friday, the JSE all share was down 0.27% at 52‚607.20 points and the blue-chip top 40 shed 0.33%. Reso...
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