JSE flat as markets wait for Greek vote

The JSE was flat on Friday morning amid risk aversion as global markets await the results of the Greek referendum on Sunday.

Talks between the Greek government and its creditors are on hold until after the vote.

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Greeks will vote on whether or not to reject austerity demands from the country’s creditors‚ and this will determine Greece’s future in the single-currency eurozone block.

Concerns about the Greek debt crisis and mixed economic data from the US continue to weigh on European and US markets.

Wall Street closed 0.16% lower overnight and the bourse is closed on Friday due to a public holiday. The Japanese Nikkei 225 closed flat (0.08%) and the Hong Kong Hang Seng index was down 0.56%.

At 9.32am the all share was flat (0.01%) at 52‚233 points and the blue-chip top was 40 also flat (-0.02%).

Gold miners gained the most‚ up 2.69% amid a firmer gold price‚ while resources led the decliners‚ down 0.64%‚ after gaining more than 1% on Thursday.

Barclays Research analysts said in a global note that the dollar weakened while US treasuries firmed despite June US payrolls being “roughly in line” with expectations on Thursday‚ and the unemployment rate falling to 5.3%.

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Other aspects of the June labour market reports were “softer than expected”‚ the bank said. Wage growth was low‚ and the household measure of employment fell.

“We do not think that the report will significantly shift opinion within the Fed about the timing of the first rate hike‚ which we continue to expect in September‚” Barclays said.

Among individual shares on the JSE‚ global miner BHP Billiton retreated 1.14% to R240.97 and South32 gave up 1.43% to R16.55. Kumba Iron Ore continued lower‚ shedding 5.18% to R133.25.

Steel producer ArcelorMittal added 1.67% to R10.98 after slumping almost 7% on Thursday.

On the gold board‚ AngloGold Ashanti led the upside‚ adding 3.5% to R108.37‚ followed by Gold Fields lifting 2.7% to R38.06.

- BDlive