JSE extends losses‚ miners weigh

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JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

The JSE remained on the back foot at noon on Friday‚ in line with leading European bourses‚ while US stock futures pointed to a positive open on Wall Street.

Mining shares on the local front took more strain because of lower commodity prices‚ resulting from persistent global economic growth worries.

Despite the negative sentiment‚ however‚ the all-share index is still up 3.15% in the month to date.

At 12:00 local time‚ the JSE all-share index was down 1.02% to 34‚183.46 points‚ with resources losing 1.62%‚ gold shares shedding 1.48% and platinum counters dropping 1.60%.

Financials dipped 0.51%‚ banking stocks dropped 0.45% and industrials lost 0.83%.

The rand was weaker at 8.37 to the US dollar‚ from 8.31 at the JSE's close on Thursday‚ while gold was quoted at US$1‚570.81 a troy ounce from US$1‚582.52/oz at the JSE's previous close and platinum was at $1‚436.20/oz‚ from $1‚451.20/oz previously.

“Global equities‚ including the JSE‚ were pushed up in anticipation of the possibility of an aggressive stimulus package from the US Federal Reserve and‚ as we all now know‚ that didn’t happen. The fundamental economic data this week has not been looking good either‚ triggering some short term profit taking‚” said Ian Cruickshanks‚ market watcher at Nedbank Capital.

South Korea led a slump in Asian shares as renewed concerns over the state of the global economy drove a rout in commodities‚ Dow Jones Newswires reported.

Most regional markets posted losses for the week as sentiment soured because of Europe's debt crisis‚ the Federal Reserve's decision to refrain from taking major steps to stimulate the economy and weak manufacturing data from China.

The Hang Seng index ended the session 1.40% weaker‚ while markets in mainland China were closed for a public holiday.

In Europe‚ London’s FTSE was down 1.03% at about noon local time.

On the JSE‚ Anglo American (AGL) was down R3.40‚ or 1.23%‚ to R273‚ BHP Billiton (BIL) dropped R4.50‚ or 1.89%‚ to R233 and Sasol (SOL) lost R6.45‚ or 1.78%‚ to R356.19.

AngloGold Ashanti (ANG) was down R4.35‚ or 1.45%‚ to R294.65‚ Gold Fields (GFI) shed R1.61‚ or 1.45%‚ to R109.10 and Harmony Gold Mining (HAR) slid R1.33‚ or 1.59%‚ to R82.41.

In platinum stocks‚ Amplats (AMS) was off R15‚ or 2.97%‚ to R490 and Aquarius Platinum was down 26 cents‚ or 3.71%‚ to R6.74‚ off its worst level of the session.

Among other miners‚ Exxaro (EXX) lost R6.99‚ or 3.48%‚ to R194 and Kumba Iron Ore (KIO) lost R14.25‚ or 2.42%‚ to R573.74.

In industrials‚ Richemont (CFR) was down R1.18‚ or 2.49%‚ to R46.15.

In telecoms‚ Vodacom (VOD) gained 41 cents to 93.06.

Old Mutual plc (OML) lost 31 cents‚ or 1.50%‚ to R20.39.

In building materials and construction PPC (PPC) was off 84 cents‚ or 3%‚ to R27.16. - I-Net Bridge


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