JSE remains softer on consolidation

August 13 2012 at 02:50pm

Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE share market remained slightly weaker at noon on Monday amid some consolidation after last week’s overall strong showing.

Big cap stocks such Anglo American (AGL)‚ Kumba Iron Ore (KIO) and British American Tobacco (BTI) going ex-dividend also impacted on the overall index.

There were no major data releases scheduled for Monday‚ leaving global stock markets struggling for direction.

“The market looks overbought in the short term‚ most notably industrial stocks‚” said Francois du Plessis‚ director at Vega Asset Management.

At 12.48pm local time the JSE all-share index was down 0.25% to 35‚487.19 points‚ with top-40 index losing 0.24%.

In the year to date‚ the all-share index is up just over 10%.

Gold shares were leading the upside at noon‚ up 1.18%.

Among local movers‚ Anglo American (AGL) was down R3.14‚ or 1.21%‚ at R256.36 and Kumba Iron Ore (KIO) shed R24.50‚ or 4.47%‚ at R523.

British American Tobacco (BTI) was down R4.78‚ or 1.09%‚ to R434.16.

Telkom (TKG) lost 36 cents‚ or 1.86%‚ to R19. - I-Net Bridge

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