Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE started Friday weaker following Asian markets lower.

A local trader said: “Most of weakness on the back of performance out of the far east.”

Asian markets were down as a result of weaker than expected earnings reports and this was holding back early trade. Elsewhere, in Europe, talks regarding Greece's debt continued to drag on, leading to some concern slowly creeping back in.

At 09:14 local time, the JSE all-share index had lost 0.31%. Gold stocks were up 0.30%, while platinums lessened 0.20% and resources were in flat territory (-0.08%).

Industrials declined 0.62%, however financials and banks were flat (-0.04% and -0.07% respectively).

The rand was unchanged at 7.65 from the JSE's close on Thursday. Gold was quoted at US$1,757.44 a troy ounce from US$1,750.48/oz at the JSE's previous close, while platinum was at US$1,630.50/oz, from US$1,625/oz before.

Dow Jones Newswires reported that Asian stock markets were mostly lower on Friday as many investors took to the sidelines ahead of crucial jobs data from the US later in the global day, with shipbuilders falling in Seoul on weak earnings, while Sony Corp. (SNE) rose sharply in Tokyo on turnaround hopes despite reporting a third quarter net loss.

The regional mood was subdued after an uninspiring lead from Wall Street on Thursday and protracted Greek sovereign debt write-off talks.

The finance ministers of Germany, Finland, the Netherlands and Luxembourg will meet on Friday, a spokesman for Germany's Ministry of Finance said Thursday.

The meeting was part of a series of consultations among countries that carry triple-A bond ratings that were likely to involve discussion of the euro's sovereign zone debt crisis, said an official familiar with the talks.

European stock markets as well as bunds and gilts might start mixed on Friday as investors await more Greek debt developments and the US labour data. The euro and spot gold were lower, while oil futures were edging higher.

On the JSE, Anglo American (AGL) rose 80 cents to R341.43, while BHP Billiton (BIL) diminished 75 cents at R265.25 and Sasol (SOL) lost a rand to R406.

In gold stocks, AngloGold Ashanti (ANG) edged up 131 cents to R357.20.

Platinum miner Amplats (AMS) surrendered R5.73 or 1.02% to R557.05.

Among other miners, Exxaro (EXX) lessened R4.20 or 2.08% to R197.50 while Assore (ASR) declined R5.90 or 2.36% at R244.10.

In industrials, Barloworld (BAW) was up R1.38 or 1.59% to R88.40.

In technology stocks, EOH (EOH) gave up 50 cents or 1.64% to R30.

Telecommunications group MTN (MTN) fell R4.89 or 3.54% to R133.40. News that Turkcell Iletisim Hizmetlera AS (Turkcell), which was unsuccessful in attaining the second GSM telecommunications licence in Iran, was looking to bring a case against the South African mobile services provider in a US court came to the fore late on Thursday.

Retailer JD Group (JDG) shed 91 cents or 1.77% to R50.56. - I-Net Bridge