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Johannesburg - The JSE edged into the red by noon on Tuesday with profit taking and worse-than-expected local GDP data
weighing on the bourse, a local trader said.
By noon, the JSE all share index had edged down 0.79%, with resources losing 1.18%, gold miners falling 2.71% and platinum counters giving up 2.12%. Banks collected 0.44% and financials edged up 0.17%, but industrials weakened 0.86%.
The rand was last bid at R8.37 to the dollar from R8.28 when the JSE closed on Monday. Gold was quoted at $944.65/oz a troy ounce from $956.75/oz at the JSE's last close, and platinum was at $1 134/oz, from $1 135/oz at its previous close.
"It's on the back of the GDP figures. These were worse than expected. But I wouldn't read too much into that. It was expected to be bad, it's no new news," a local trader said.
"The market has had a big move up and profit taking is expected. We will also follow the trend of overseas markets.
"There are, however, some areas that are holding up.
"The GDP is a bit worrying for the market. We will have to wait and see. But for now, we have had some big moves and it won't be surprising to see some volatility and profit taking," he said.
Dow Jones Newswires reports that the FTSE 100 dragged lower with investors anxious over North Korea's nuclear missile tests and weakness in the banking sector, noted traders. Mounting fears over the missile tests are good enough excuse to take profits following the long weekend, traders added. Banks are sharply lower. "For equities, a rise in US house prices would mean a new bull market is officially born," said Newedge Group.
The FTSE 100 was last down 0.92%.
US stocks are expected to open a touch lower said Mark Outten at GFT.
He called the DJIA down 37 points and the S&P 500 five points lower at 882.0.
"Geopolitical tensions will be in focus," said Outten, following international condemnation of North Korea's weapons programmes. However he noted that the affect of this news looks muted thus far. In economic news, US Case-Shiller home price index is expected at 13:00 GMT, followed by consumer confidence at 14:00 GMT. Dow front month futures contract trades - 0.5% at 8222.0 and the S&P 500 is -0.5% at 880.5.
- I-Net Bridge