Johannesburg - The JSE was flat in early trade on Friday with profit taking seeping back in after rallies were overdone recently, a trader said.
At 9.17am, the JSE all share index was flat, down 0.04 percent, with resources easing 0.10 percent. Gold miners weakened 0.64 percent and platinum counters lost 1.46 percent. Banks were flat, up 0.01 percent, financials edged down 0.10 percent and industrials edged up 0.15 percent.
The rand was bid at R7.69 to the dollar from R7.64 when the JSE closed on Thursday. Gold was quoted at $949.05 an ounce from $955.15 at the JSE's last close, and platinum was at $1 172.50 an ounce, from $1 174 at its previous close.
"We opened negatively. I think we should have been positive after the Dow rallied last night and the East was also up this morning. There is a bit of profit taking," the trader said.
"Markets rallied too much and might have been overdone. At the moment there is nothing else but profit taking.
"European markets also look to open negatively. It's a normal trading day with a bit of profit taking," he said.
"Commodity prices have come off and European futures are weaker," another trader said.
Dow Jones Newswires reported that as heft from 3M and AT&T helped the DJIA mark its highest close of the year, Amazon.com and Intuitive Surgical aided the Nasdaq Composite Index in achieving its longest winning run in more than 17 years.
The Dow industrial average gained 188.03 points, or 2.1 percent, to 9069.29, pushing through its prior 2009 closing high of 9034.69 from January 2, and now at its highest close since November 5.
The Nasdaq Composite Index rose 47.22 points, or 2.5 percent, to 1973.60, its 12th straight gain, a streak not seen since early 1992.
The Nasdaq is now at its highest closing level since October 2. The S&P 500-index advanced 22.22, or 2.3 percent, to 976.29, up seven of the last nine sessions, and its highest close since November 4.
"Earnings are showing in many cases that companies are increasing their bottom lines with lower revenue, which means that corporate management is taking responsible cost-cutting steps to navigate the economic downturn," said Michael Farr, president of money manager Farr Miller & Washington.
"This will prepare them to recover strongly on any economic upturn."
Asian shares were aided on Friday by Wall Street's rise, though the gains were muted before the weekend. Sentiment was also a bit cautious after the disappointing numbers from the big US technology companies, while Hynix Semiconductor and Samsung Electronics failed to get much lift from their second-quarter results in South Korea.
Japan's Nikkei gained 1.6 percent and Hong Kong's Hang Seng was last up 0.5 percent.
European bourses may open weaker after the US results and the muted Asian markets advance.
Back in Johannesburg, Anglo American weakened 67c to R243 but BHP Billiton edged up 44c to R197.04. Petrochemicals group Sasol added R3.10, or 1.10 percent, to R285.
Highveld Steel was down R1.50, or 2.33 percent, to R63.
Among gold miners, AngloGold Ashanti was down R1.26 to R305.79, Gold Fields weakened 51c to R91.50 and Harmony edged down 45c to R73.05.
Platinum miner Anglo Platinum eased 60c to R583.40 and Impala Platinum lost R3, or 1.62 percent, to R182, but Lonmin was up R1.03 to R151.03. In diversified miners, Exxaro gave up 98c, or 1.23 percent, to R79.02 and Hulamin was off 20c, or 1.67 percent, to R11.80.
Elsewhere on the JSE, SABMiller put on R1.54 to R172.50, Famous Brands added 59c, or 3.20 percent, to R19 and Remgro rose R1, or 1.24 percent, to R81.90.
Among banks, Standard Bank edged up 10c to R96.60, but Nedbank weakened 20c to R108.80 and Absa eased 12c to R120.38.
Sugar group Tongaat Hulett fell R1.50, or 1.51 percent, to R98, but Illovo collected 15c to R29.15.
Illovo earlier said it expects to raise R3-billion in a fully subscribed rights offer for current and longer-term growth plans.
The Rights Offer will be for a total of 108 342 362 Illovo shares and will be made by way of renounceable rights, at a subscription price of 2 769c per Illovo share on the basis of 30.83459 Rights Offer Shares for every 100 Illovo shares held on the record date for the Rights Offer, being August 21.
Among retailers, Truworths lost 69c, or 1.80 percent, to R37.66, Pick n Pay declined 42c, or 1.15 percent, to R35.99, Lewis was off 97c, or 1.81 percent, to R52.73 and Steinhoff weakened 19c, or 1.22 percent, to R15.36.
Cement manufacturer Pretoria Portland Cement was up 33c, or 1.18 percent, to R28.33.
Among telecommunications groups, MTN Group collected 22c to R126.73, but Telkom weakened 30c to R41.
