The JSE fell to a three-week low at noon on Thursday while the platinum spot price dipped below the $1‚400 an ounce mark for first time in six months amid negative global investor sentiment.
At 12:08 local time‚ the JSE all-share index was down 0.96% at 33‚423.71 points‚ with resources losing 1.05%‚ gold shares dipping 0.10% and platinum counters dropping 2.22%.
Financials lost 0.96%‚ banking stocks were down 1.72% and industrials were 0.92% in the red.
The rand weakened to 8.44 to the US dollar‚ from 8.39 at JSE’s close on Wednesday‚ while gold was quoted at US$1‚568.21 a troy ounce from US$1‚571.46/oz at the JSE’s previous close and platinum was at $1‚400.70/oz‚ from $1‚410.50/oz previously.
“The eurozone consumer and business confidence data have added to the negative market sentiment‚” said Kevin Algeo‚ market analyst at Imara SP Reid.
“Banking shares continue to feel pressure due to Absa’s profit warning this week.”
Businesses and consumers in the 17 countries that use the euro became more pessimistic about their prospects in June as the currency area’s fiscal and banking crisis deepened‚ with sentiment weakening significantly in France‚ Germany and the Netherlands‚ Dow Jones Newswires reported.
European shares were deep in negative territory despite the positive start.
London’s FTSE was down 0.99% at about noon SA time.
Asian stocks ended mixed with‚ Hong Kong’s Hang Seng index losing 0.79%.
US stock index futures fell as investors awaited the start of a two-day summit meeting of European leaders amid declining expectations that policy makers will overcome differences to stem a long-running eurozone debt crisis that poses a growing threat to Spain and Italy.
On the JSE‚ Anglo American (AGL) lost R3.60‚ or 1.35%‚ R263‚ BHP Billiton (BIL) slipped R1.29 to R225.29 while Sasol (SOL) shed R5.21‚ or 1.50%‚ to R341.44.
AngloGold Ashanti (ANG) shaved off 23 cents to R283.96 but Gold Fields (GFI) inched up 10 cents to R105.39.
In platinum stocks‚ Impala Platinum (IMP) gave up R3.70‚ or 2.76%‚ to R130.12‚ Northam Platinum (NHM) lost 59 cents‚ or 2.43%‚ to R23.69‚ Lonmin (LON) was down R2.23‚ or 2.31%‚ to R94.27 and Aquarius Platinum (AQP) tumbled to a fresh record low‚ losing 44 cents‚ or 6.77%‚ to R6.06.
Among other miners‚ Exxaro (EXX) slid R4.65‚ or 2.39%‚ to 190.21 and Kumba Iron Ore (KIO) was down R16.30‚ or R2.94%‚ to R539.
Among banks‚ Standard Bank was down R1.51‚ or 1.35%‚ to R110.50‚ Nedbank (NED) dropped R5.24‚ or 3.04%‚ to R167 and FirstRand (FSR) dipped 43 cents‚ or 1.58%‚ to R26.73. - I-Net Bridge