OWN CORRESPONDENT, Johannesburg | Friday 5.30pm
THE Johannesburg Stock Exchange took its cue from a weaker New York market to close slightly lower in thin trade on Friday.
The gold board was the only index to end in positive territory as the bullion price rose slightly to $258,10, the first time its traded above $258 since the Bank Of England’s auction. By late afternoon, however, bullion had again dipped to $257,55 an ounce. The gold index closed 0,28% higher on the earlier gains.
The financial index dipped 0,91% and the industrial index 0,13% on the day. Banking stock was hit by a bout of profit taking in the wake of Thursday’s interest rate cut.
Heavyweight stock outperformed the broader market, gaining 0,11%. Shares in De Beers gained strongly to a year high on Friday as the company announced the resumption of some gem exports and an analyst forecast good returns at July’s “sight”.
The bond market remained flat on the day, closing at a 14,04% yield. In Asia, both Japan and Hong Kong bourses closed weaker, with Hong Kong’s Hang Seng index dipping a marginal 0,03%, while Tokyo’s Nikkei Dow lost 0,17%.
European markets were looking firm in the late afternoon, with only London’s FTSE-100 having lost ground after its earlier strengths. The rand held its recent strength at R6,08 to the dollar and R9,45 to the pound.