The major stock indexes moved in different directions Friday as investors analyzed a slew of corporate earnings and the latest figures on housing. The Dow closed up slightly, while the S&P 500 and Nasdaq finished modestly lower. CNNMoneys Tech 30 index was flat. Stocks ended the week mixed. It seems that investors are searching for direction after some bigger market moves earlier in the week. The U.S. markets will be closed Monday in observance of Martin Luther King, Jr. Day. Chinas economy grew just slightly better than economists had expected in the October-December quarter, with markets giving a mildly positive reaction to the result and a group of December data points roughly in line with forecasts. Chinas gross domestic product was 7.7% higher than a year earlier, the National Bureau of Statistics said Monday Gold News Gold edged higher on Monday to its highest in nearly six weeks, supported by weaker equities, which are lifting the metals safe-haven appeal and improving investor confidence. Spot gold rose 0.3 percent to $1,257 an ounce by , after hitting $1,259.46 earlier - the highest since Dec. 11. Platinum gained on upcoming strikes in South Africa. The main trade union for South African platinum miners will strike this week at the worlds top three producers, hitting over half of global output and the margins of companies struggling to make profits. JSE News Shoprite closed 4.47% lower at R151.65 after a disappointing trade update showed group turnover grew 9.6% to R51bn in the six months to end December. This dragged other retailers down, with Mr Price giving up 4.86%, to R150.80, and Woolies falling 1.97% to R68.75. Kumba Iron Ore closed 3.6% higher to R460 after it reported that it expected higher earnings to end December 2013. BHP Billiton closed 1.36% up at a new high of R335.53. Anglo American also experienced continued strong buyer demand, ending the day 0.58% up at R248.82. The share has gained more than 10% since its UBS upgrade on Wednesday. Impala Platinum added 2.75% to R120.06, Anglo American Platinum lifted 2.73% to R405.81, and Lonmin gained 1.64% to R56.30. Among gold stocks, AngloGold Ashanti was 4.45% stronger at R144.50. Gold Fields gained 2.96% to R36.50. Together with retail shares, banking and financial stocks were the biggest losers of the day. Barclays Africa lost 2.52% to R129.50. Market cap leader Standard Bank was 0.83% weaker at R126.45.
Posted on: Mon, 20 Jan 2014 05:09:47 +0000