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JSE slips on profit taking

The JSE slipped on Friday morning‚ pulled down by banking and resource shares amid profit taking.

At 9.41am‚ the all share index was down 0.30% to 39‚102.94‚ with the top-40 index losing 0.35% to 34‚677.17 points. Banks and resources gave up 0.49% and 0.51% respectively.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

“The market looks overstretched in the short term. Many areas sit in overbought territory‚” said Ferdi Heyneke‚ portfolio manager at Afrifocus Securities.

For this month‚ platinum and banks are up 11% and 9% respectively while the all-share index is up 2.59%.

Leading Asian stocks were mostly weaker amid fresh worries over the US fiscal cliff‚ with Japan’s Nikkei 225 shedding 0.99% while Hong Kong’s Hang Seng index had dropped 0.77% by 9.25am local time.

On the JSE‚ Aquarius Platinum (AQP) lifted 1.81% to R7.33 but ArcelorMittal SA (ACL) shed 2.54% to R34.50.

FirstRand (FSR) lost 1.05% to R31 and construction firm WBHO (WBO) lost 1.24% to R152.57. - I-Net Bridge

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