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JSE down at noon, awaiting more news

Johannesburg - The JSE was trading down slightly at noon on Thursday after the news that payments to Greece would be suspended until its referendum was settled.

A local trader said: "The markets got a bit of a shock after the announcement in Europe. Otherwise it's been a bit lacklustre."

He said that the market was pretty much waiting on further news from Europe.

By 12:10 local time, the JSE All Share [JSE:J203] index was down 0.25%. Resources lowered 0.27%, however platinum secured 0.23% and gold generated 0.16%.

Banks dropped 0.65%, financials surrendered 0.51%, and industrials edged down 0.11%.

The rand was unchanged at 7.96 from the JSE's close on Wednesday. Gold traded at $1 733.56 a troy ounce from $1 743.30/oz at the JSE's previous close, while platinum was at $1 599.70/oz, from $1 614.50/oz previously.

Dow Jones Newswires reported that European stocks fell Thursday, with bank shares pacing the decline, as investors mulled the possibility that Greece might exit the euro zone and as the European Central Bank rate announcement and G20 meeting loom.

French President Nicolas Sarkozy and German Chancellor Angela Merkel indicated Wednesday that Greece's referendum on the bailout plan, which has now been brought forward to Dec 4, is essentially a vote on whether it wants to remain in the euro zone. In addition, the European Union and the International Monetary Fund said Wednesday that they will not release the next EUR8 billion aid payment to Greece until after the proposed referendum, prompting fears of a disorderly default.

Against this backdrop, Greek Prime Minister George Papandreou still has to win a confidence vote on Friday and given the unrest in his party, this is not a given.

"Even if the government survives (which seems less likely today) and the referendum is approved, the social unrest in Greece will continue, the government's ability to govern has been utterly impaired and Europe's patience has run out," said Lloyds Bank Corporate Markets.
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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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