Ugly, and floating

The leading decliners on Friday were BHP Billiton (2.76%), Anglo American (0.88%) while Sasol declined a further 1.98%. Gold miners were supported by the stronger gold price helping Harmony (2.34%) and Gold Fields (1.39%) to gain ground.

The currency treaded water on Friday making its largest move against the pound while the dollar moved stronger against the euro. Gold (0.41%) and Platinum (0.59%) ignored the stronger dollar while oil remained subdued, after a week where the price declined 6.97%. The US markets closed in the black, albeit just, as it seems as if the effects of hurricanes Katrina and Rita will not be as significant as first feared.

European stocks were just as muted but to the downside as Cable and Wireless released a sales warning leaving the stock 15% weaker. The Nikkei is closed for Health Sports Day today, while the Hang Seng is slightly lower on the back of weaker oil stocks.

We expect that the market may tread water today as it awaits some direction from international and local indicators.