Picture: JSE
Picture: JSE

The JSE opened flat on Friday as industrials lost ground and resources recovered despite a stronger rand and softer commodity prices.

The rand held strong from overnight gains and was trading at R13.1568/$ as the dollar showed little inclination to break through the $1.07 level against the euro.

Spot gold was 0.12% off at $1,280.16/oz and platinum lost 0.15% to $975.81/oz.

Trading was subdued in the shortened week with the local market not taking its cue from a strong showing on Wall Street on Thursday.

The Dow ended the day 0.85% higher with a number of companies reporting solid earnings. American Express rallied 5.9% after their results beat estimates. Steel stocks rose after President Donald Trump announced a government investigation into whether foreign steel imports were harming national security.

In the UK the FTSE 100 eked out a small gain of 0.06%, the first in five days.

The Nikkei 225 was 1.03% up, while the Hang Seng shed 0.16% on Friday morning.

Nedbank Corporate and Investment Banking (CIB) analysts said the market was following lower oil prices. They said the oil market looked vulnerable. "It seems likely the supply overhang in the US will continue to rise, adding to the glut and keeping the oil price within a narrow range."

Brent crude was steady at $52.93 a barrel in early morning trade.

At 9.36am the all share was 0.07% up at 52,534.70 points and the blue-chip top 40 added 0.05%. Resources gained 1.08%, platinums 0.61% and banks 0.22%. Industrials shed 0.33%.

BHP Billiton rose 1.41% to R206.65. Anglo American added 1.25% to R194.21.

Sasol was 0.60% higher at R399.19.

Kumba Iron Ore rose 2.39% to R182.77.

African Rainbow Minerals was 2.63% higher at R86.21.

Please login or register to comment.