Johannesburg, Jan 13 (I-Net Bridge) - South African near-dated futures cut earlier gains to end weaker on Friday, tracking the weaker trend on world stock markets.
Fitch Ratings' revision of SA's outlook to negative (from stable) exacerbated the investor sentiment, with the rand losing more ground to the US dollar in late trade.
The local near-dated Alsi contract lost 206 points, or 0.70%, at 29,379.
The rand weakened to R8.16 against the US dollar, from R8.05 at the previous close, while gold was quoted at US$1,632.24 a troy ounce from US$1,647.53/oz before.
The total number of contracts that exchanged hands was 34,371 from 35,958 on Thursday.
Dow Jones Newswires reported that US stocks opened lower as fears of a credit downgrade of several eurozone countries added to disappointing results from JP Morgan Chase.
The declines came after Dow Jones Newswires reported that credit-rating firm Standard & Poor's could downgrade several eurozone countries, citing European Union sources. S&P declined to comment.
If US stocks finish lower, it would snap a week-long run of modest gains that has seen the Nasdaq Composite finish with gains for six consecutive days.
European markets turned lower after the S&P downgrade fears hit the headlines, clouding a day that was marked by optimism over lower Italian bond yields and strong eurozone trade data.
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