JSE cuts gains to end flat

Johannesburg - The JSE ended flat on Monday, cutting earlier gains as market players cleared their positions ahead of the Greek bailout package decision.

At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.07% to 34 106 points, led by the platinum sector, which climbed 0.96%, resources were flat (0.04%), while the gold index shed 1.30%.

Financials inched up 0.09%, banks edged up 0.24%, while industrials were marginally up at 0.12%.

The rand was at 7.67 to the dollar from 7.73 at the JSE's close on Friday. Gold traded at $1 732.92 a troy ounce from at $1 722.55 at the JSE's previous close, while platinum was quoted $1 647/oz, from $1 631.50/oz before.

"We had below average volumes today, with the US market closed for a public holiday, while the uncertainty in Greece kept the market gains in check," said Hennie Fourie, stockbroker at PSG Konsult. "The gold shares were the worst performing sector on the day due to the firm rand/dollar exchange rate."

European stocks pushed higher on Monday, with basic resources pacing the advance after China's central bank eased policy over the weekend, which is expected to heighten demand for commodities, while there were cautious expectations that Greece will finally receive its second bailout, Dow Jones Newswires reports.

Eurozone finance ministers were scheduled to meet in Brussels later in the day to discuss the implementation of Greece's rescue package. The deal is widely expected to be signed off, especially after the Greek government approved the additional measures to meet the extra budget cuts demanded by the troika.