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Fiscal cliff keeps JSE in the red

Dec 28 2012 17:41 I-Net Bridge
Rands

(File) (Shutterstock)

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 Johannesburg - Concerns about the stalled talks on the US fiscal cliff kept the JSE in the red on Friday.

The US goes over the so-called fiscal cliff at midnight on Monday when stiff tax hikes and drastic spending cuts take effect.

Economists say that would send the world's biggest economy back into recession.

At 17:00‚ the All Share [JSE:J203] index was down 0.11% to 39 385.04 points‚ with resources down 0.56% and banks shed 0.63%‚ while gold miners gained 1.46%.

At 17:00 major European markets were weaker with the FTSE 100 down 0.56%‚ while the Dow Jones index had fallen 0.67%.

“The US fiscal cliff concerns are dominating global stock markets‚ so we are just following the herd on this one‚” a local equity dealer said.

On the JSE‚ Anglo American (AGL) was down 0.93% to R261.95‚ BHP Billiton (BIL) shed 1.18% to R295.29 and Lonmin (LON) fell 2.13% to R38.97‚ but gold counter Harmony (HAR) added 1.99% to R73.25.

Standard Bank (SBK) lost 1.08% to R119 and Nedbank (NED) dipped 0.93% to R187.88.

Woolworths (WHL) eased by 1.03% to R71.26‚ while Barloworld (BAW) gained 1.15% to R88.

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