Miners drag JSE down

After a positive opening the JSE had made an about turn by noon on Friday‚ led down by platinums‚ gold miners and resources‚ while industrials and banks just managed to remain in positive territory‚ amidst quiet trade ahead of the long weekend.

At 12.43pm‚ the all share index was down 0.19% to 38‚603.72 points‚ with the top 40 index 0.24% softer at 34‚206.16 points.

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

“It is a relatively quiet trading day with no major moves seen. Anglo American was down after the miner was downgraded by UBS Securities and JP Morgan this morning‚” a local trader said.

“Mining counters were lower as traders closed positions ahead of the ANC’s upcoming elective conference starting this Sunday in Mangaung; participants are cautious of the outcome on mining policy‚” he said.

The Chamber of Mines CEO warned on Thursday that the mining sector is set to lose thousands more jobs if the ANC decides to impose more taxes on the industry.

“This is one of the policy points to be watched most closely‚ as the ruling party decides on a number of key policy initiatives it will take on board at this conference‚” Absa Capital said in a note.

Meanwhile global impetus remains scant now that the FOMC meeting is out of the way‚ with participants also seemingly adopting the safety of the sidelines until there is more clarity on the fiscal cliff front‚ the bank said.

On the JSE‚ Anglo American (AGL) was down 1.46% to R255.20‚ Anglo American Platinum (AMS) gave up 2.44% at R418.55‚ Impala Platinum shed 2.47% to R158.88 and Gold Fields was off 2.02% to R99.33.

Telkom (TKG) surged 4.04% to R16.75 and MTN Group (MTN) lifted 0.80% to R168.13.

In construction M&R Holdings (MUR) shed 3.26% to R23.11 and Aveng (AEG) was down 2.52% at R29.73. - I-Net Bridge