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JSE pares gains in choppy trade

August 31 2012 at 12:27pm

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JSE1

Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE stock market pared early gains to hover near the flat line in midmorning trade on Friday‚ ahead of the Jackson Hole event later in the session‚ in which the US central bank chief is expected to provide some clues on monetary easing.

Kumba Iron Ore (KIO) and Exxaro (EXX) were still under pressure due to weaker global iron-ore prices.

“Investors are sitting around watching what is going to happen with the (US Federal Reserve chairman) Ben Bernanke speech today. We are also seeing some opportunity takers today and some short covering as well‚” said Francois Venter‚ equity dealer at Investec Asset Management in Cape Town.

At 11.39am the JSE all-share index was up just 0.09% at 35‚339.46 points‚ with resources up 0.46%.

Among the big movers‚ Aquarius (AQP) lost 3.74% to R4.89‚ while Exxaro Resources (EXX) slipped 0.86% to R150.39 and Kumba Iron Ore (KIO) dropped 3.39% to R481.10.

SABMiller (SAB) lost 1.16% to R371.83. - I-Net Bridge


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