MICHAEL METELITS, Johannesburg | Monday 5.00pm.
MOST markets moved in thin trading Monday, as the Jewish New Year and the impending public holiday on Thursday kept volumes down. In a local trading vacuum, international pressures directed market activity, and the news out of Asia was bad, as the Nikkei plunged over 350 points and other regional markets were down.
The JSE all share lost 93 points to finish at 4751, while industrials dropped 140 on impending labour unrest and closed at 5275. Financials, normally quite volatile, slipped 98 points to 6881. All gold, seen as a safe haven amidst international financial turmoil picked up 24 points to wind up at 1015.
Gold gained $1,85, closing locally at $292,85.
The bond market was subdued today, as speculation mounts about how far off expectations the rise in consumer inflation will be when figures are released Tuesday. Dealers expected the market to generate some direction after the statistical release.
The R150 gained around 19 basis points to close at 18,11% in trade dominated by jobbing and international news.
The currency market was also the plaything of overseas investors as a few London banks were able to move the price slightly. Traders suggested a pattern in which the rand stays in a narrow price range until New York begins to trade, at which point it strengthens a bit.
Despite having traded as strong as R6,099 to the dollar, the currency weak- ened towards noon when a couple of major investment banks in London bought dollars. The currency was last marked at R6,135 to the dollar, trading basically flat on the day.