Gold stocks weigh JSE down

December 3 2012 at 01:45pm
By Andries Mahlangu

Independent Newspapers

File photo: Simphiwe Mbokazi

Johannesburg‚ Dec 3 (I-Net Bridge) - Trading remained weaker on the JSE at noon‚ with gold shares leading the mild pullback after the all-share index lifted to a fresh record on Friday.

At 12.29pm‚ the all share index was down 0.32% at 37‚984.31 points‚ with the top 40 index slipping 0.38% to 33‚745.03. Gold stocks led the downside‚ dropping 2.41%.

"The market climate is still looking positive overall. The consolidation is not unexpected after a good run last week‚" said Ian Cruickshanks‚ independent analyst.

Last month‚ the all share index gained more than 2%‚ led by industrials.

"The backdrop for commodity-based stocks‚ however‚ remains positive following the uptick in the Chinese manufacturing data although we still need to see a firmer trend‚" said Devin Shutte‚ a trader at stockbrokerage‚ Newstrading.

China's official purchasing managers index rose to a seven-month high of 50.6 in November‚ up from 50.2 in October.

Leading European markets were slightly higher at noon‚ with UK's FTSE 100 up 0.23%.

Among individual stocks on the JSE‚ AngloGold Ashanti (ANG) was down 2.39% to R271.42‚ Gold Fields (GFI) dropped 2.71% to R107.22 and Harmony Gold Mining (HAR) gave up 2.29% to R68.34.

Sasol (SOL) gave up 1.52% to R368.97‚ while Lonmin (LON) gained 2.12% to R37.99.

MTN (MTN)‚ however‚ lifted 2.31% to R167.41‚ Discovery Holdings (DSY) rose 1.49% to R56.64 and Growthpoint (GRT) was up 3.67% to R25.40.

-I-Net Bridge

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