FRIDAY, 5.00PM:
The ongoing bearish sentiment on the Johannesburg Stock Exchange, compounded by the continuing crash of the gold price and disappointing economic data, saw 2% wiped off the all share index on Friday, while the gold index followed bullion’s woe’s to lose 3%.
At the close the all gold index had fallen 20,7 points to 670,1, the industrial index was driven down 165 points to 7 463,5 and the financial index had lost 82,1 points to 9 950,6. The all share index ended 102,6 points lower at 6 160,1.
Bullion was last seen at $287,45 from a London morning fix of $287,05/oz.
Bullion’s ill fortune hit the rand hard on Friday, with the local currency hitting a new all-time low against the US dollar, briefly hitting R4,8770-4,8800 to the dollar. The local unit then recovered somewhat, until at 4pm the rand traded at a bid-offer rate of R4,8720-50 from Thursday’s close of R4,8620-50. It traded between bids of R4,8620 and R4,8770 during the morning.