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JSE a tad softer, seeks direction

Johannesburg - The JSE remained slightly softer at midday on Monday as the market sought direction and as many big local names went ex-dividend.

At 12:02 local time, the JSE All Share [JSE:J203] index was down 0.17%, led lower by gold miners, which were off 1.06%, and resources, which shed 0.72%. Platinum miners, however, were up 0.07%.

Industrials added 0.08%, financials advanced 0.06%, but banks were off 0.30%.

The rand was trading at 7.68 to the US dollar, from 7.70 at the JSE's close on Friday. Gold was at $1 660.65 a troy ounce from $1 663.32/oz at the JSE's previous close, while platinum was trading at $1 631.20/oz from $1 621/oz.

"We have had a pretty slow start this morning, and some of the large stocks, such as Anglos, MTN and Bidvest, have gone ex-dividend today, so that is contributing to the weakness. Our gold stocks have eased back a bit, but that's probably attributable to the slightly firmer rand from what we saw on Friday," a local equities trader said.

She added that US futures were stronger, Asian shares were mixed and European markets were up slightly. "We are lacking a bit of direction today," she noted.

Dow Jones Newswires reported that Asian stock markets ended mostly lower on Monday as global growth concerns continued to keep many buyers at bay, while investors adopted a cautious approach ahead of data releases in the US and Europe later in the week.

"You get the feeling we are only one slightly negative headline or data point away from a 'fresh excuse to sell,'" said Cameron Peacock at IG Markets. "There's no doubt that with equities having hit some key levels, there is a high degree of caution about getting too carried away."

After seesawing for much of the day, Hong Kong's Hang Seng Index finished flat, China's Shanghai Composite Index rose 0.1% and Japan's Nikkei Stock Average added 0.1%.

Australia's S&P/ASX 200 index slipped 0.2% and South Korea's Kospi fell 0.4%, while Taiwan's Taiex tumbled 1.4%, succumbing to profit-taking pressure after a three-day advance.

Peacock said that after doubts about the Chinese and US economies dominated markets last week, some investors were skeptical stocks would be able to hold on to their recent highs.

In London, the FTSE100 was last up 23 points.
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Rand - Dollar
18.93
-0.1%
Rand - Pound
23.90
-0.0%
Rand - Euro
20.44
+0.1%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.1%
Platinum
904.58
+0.9%
Palladium
1,012.82
+1.1%
Gold
2,218.03
+1.1%
Silver
24.80
+0.7%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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