Despite a red gloss to stocks, markets recovered somewhat throughout the day on Friday, led by Europe with the local bourse improving throughout the day.

US markets opened strongly in the red, having to play catch up following a Thanksgiving holiday yesterday. The Dow was set to absorb the news from Dubai that gripped global markets yesterday.

At 5pm the JSE all share index was 0.80 percent weaker, led by gold miners, which gave up 1.89 percent. Resources fell 0.93 percent, but platinum miners gained 0.35 percent.

Banks added 0.58 percent, but financials dipped 0.56 percent and industrials moved 0.78 percent lower.

The rand was bid at 7.46 to the dollar, from 7.48 when the JSE closed on Thursday. Gold was quoted at $1163.85 a troy ounce from $1182.60/oz at the JSE's last close, and platinum was at $1431/oz, from $1451/oz the bourse's previous close.

A local trader said that markets had held up well on the local front, having factored in the news from Dubai. "We seemed to recover throughout the day, despite ending down, led by Europe and the FTSE in particular."

The trader pointed to light volume, adding that the US had opened lower, having yet to factor in the news from the Arab emirates.

According to Dow Jones Newswires US stocks opened lower on Friday in a broad decline led by energy and metals companies, as concerns about the impact of debt problems at Dubai World sent crude oil and metals futures sharply lower while the dollar rose.

The Dow Jones Industrial Average was recently down 206 points, or two percent, to 10 258. All 30 of its components were in the red.

The broad stock declines and moves into the safety of the dollar and Treasuries come as fears have been spreading since late Wednesday about the potential fallout of debt problems at Dubai World, the city state's largest corporate entity, which asked creditors for a six-month stay on repayment of its US$60 billion in debts. US markets were unable to immediately react as they were closed for the Thanksgiving holiday on Thursday, but the Asia and Europe markets sold off on Thursday on the news.

Still, shares of some European banks were already rebounding on Friday. Michael Church, president of Addison Capital, said that gives him hope that the impact of Dubai World's debt problems might not be too drastic for the US stock market.

The US stock market closes at 1pm, EST, and Wall Street trading is known for being particularly thin the day after Thanksgiving.

Among equity movers on the JSE, Anglo American plc (AGL) fell 1.86 rand, to 317.13 rand and BHP Billiton (BIL) moved 1.60 rand lower to 227.30 rand.

Petrochemicals group Sasol (SOL) dropped seven rand, or 2.36 percent, to 290 rand.

Among gold miners, AngloGold Ashanti (ANG) slipped 2.50 rand to 330.50 rand, Gold Fields (GFI) subsided 3.61 rand, or 3.23 percent, to 107.99 rand and Harmony (HAR) fell 2.49 rand, or 2.96 percent, to 81.50 rand.

Platinum miner Anglo Platinum (AMS) added 3.50 rand to 750 rand and Lonmin (LON) moved 3.31 rand, or 1.54 percent, higher to 218.31 rand. Aquarius (AQP) lost 1.44 rand, or 3.41 percent, to 40.85 rand.

Kumba Iron Ore (KIO) leaked 1.20 rand to 253.80 rand.

Highveld (HVL) weakened 1.96 rand, or 3.14 percent, to 60.53 rand.

Diversified miner Exxaro (EXX) wavered 2.09 rand, or 2.24 percent, to 91.40 rand, with African Rainbow (ARI) down 3.01 rand, or 1.86 percent, to 158.49 rand.

Among industrials on the JSE, Imperial (IPL) was 1.85 rand weaker, or 2.22 percent, to 81.55 rand.

British American Tobacco (BTI) declined 2.98 rand, or 1.29 percent, to 228.02 rand.

Barloworld (BAW) gave up 1.60 rand, or 3.30 percent, to 46.90 rand.

Datatec (DTC) lost 70 cents, or 2.53 percent, to 27 rand.

Among banks, Standard Bank (SBK) was 1.20 rand, or 1.26 percent, higher to 96.80 rand, but Nedbank (NED) declined 1.64 rand, or 1.44 percent, to 112 rand.

Investec (INL) dropped 1.78 rand, or 3.13 percent, to 55.05 rand, with Santam (SNT) down 1.50 rand, or 1.55 percent, to 95.50 rand.

Discovery (DSY) was 51 cents off, or 1.59 percent, to 31.66 rand.

Retailer Lewis (LEW) was 65 cents, or 1.26 percent, lighter to 51.10 rand.

Telecommunications group MTN (MTN) shed 1.50 rand, or 1.29 percent, to 115 rand.

Mining services and coal-mining group Sentula Mining (SNU) gave up 14 cents, or 6.01 percent, to 2.19 rand. The group reported a 78 percent fall in its first half headline earnings to 15.2 cents a share from 69.6 cents a year ago.

Profit for the six months to end September plummeted 87 percent to 25 million rand from 197.3 million rand for the corresponding period last year.

Revenue decreased 32 percent to 1.19 billion rand from 1.74 billion rand and operating profit fell 58 percent to 125.6 million rand from last year's 296.3 million rand.

"Sentula, adversely impacted by the global economic environment, has endured extremely difficult trading conditions during the first half of the 2010 financial year and the results, while disappointing were substantially in line with the second half of the 2009 financial year," said Sentula Mining CEO Robin Berry.

Liberty Holdings (LBH) shed 1.60 rand, or 2.32 percent, to 67.50. The African wealth management group on Friday reported a 29 percent drop in total new corporate business from 1.5 billion rand to 1.1 billion rand in the nine months to end September 2009.

Total new individual life business slumped 9 percent to 10.2 billion rand from 11.1 billion rand for the first nine months of last year.

Liberty Holdings said group operations generally performed satisfactorily over the last quarter, with life cash flows being positive and growth in assets in the group's asset management businesses.