Share

Choppy JSE cuts gains, ends weaker

Johannesburg - The JSE reversed earlier gains to finish the session lower on Tuesday, as the last-ditch attempt to form a coalition government in Greece ended in failure, hitting global market sentiment.

At 17:00 local time, the JSE All Share [JSE:J203] index was down 0.14% to 33 486.08 points, with gold miners tumbling 2.54%, platinum miners dropping 1.10% and resources shedding 0.72%.

Financials were down 0.39%, banking stocks were off 0.64%, while industrials gained 0.37%.

The rand slid to 8.27 to the US dollar, from 8.17 at JSE's close on Monday. Gold was quoted at $1 552.41 a troy ounce from $1 562.62/oz at the JSE's previous close, while platinum was at $1 445/oz, from $1 449.50/oz at the previous session.

"The collapse of Greek coalition talks will prolong uncertainty in the financial markets which until recently had been driven by liquidity injection from the central banks, not so much from economic fundamentals," said Rudi van der Merwe, market analyst Standard Bank Stockbroking.

US stocks edged higher on Tuesday as Greece's failure to form a new government tempered optimism about better-than-expected economic output in the eurozone, Dow Newswires reported.

Greece's president said the country would hold new elections, raising concerns that the country might exit the single-currency block.

The news tempered upbeat sentiment that followed a preliminary reading showing the eurozone's gross domestic product was flat, topping economists' expectations for a slight contraction. Germany's economy expanded 0.5% compared with expectations of 0.1% growth, bolstering the economic area. European markets also retreated.

Meanwhile, readings on the US economy met or beat expectations.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.90
+0.2%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders