The JSE closed on a low today with the all share index closing 1.96% in the red. The gold mining index fell 4.11% and resources dropped 4.1%, while the platinum mining index weakened 3.45%. Banks were down 0.95% and financials lost 0.88%, but industrials were on the up 0.89%. The JSE ended in the red today largely due to weaker world markets and ever growing fears of a recession in the US. The drop in the resources and mining stocks did not help the JSE. With the prices of platinum and gold coming down today, it was no surprise that the resource and mining indexes fell by such great margins today.

At 20:00, Platinum was trading at $1 980 an ounce and gold was at $970.80, both metals significantly dropping from their levels last week. There was not letting up on the price of oil though. Oil hit a record high of $107/barrel today, reversing earlier losses as investors sought oil as a hedge against a depressed dollar and inflation.

As for the Rand, at 17:20 local time, it was trading at R7.9320 against the greenback after briefly touching R7.9280, a sharp recovery from its session, and new near-five-year, low of R8.1170/dollar.

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