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Johannesburg - The JSE ended weaker on Monday, led by mining stocks, as potential Greek debt repayment defaults worried investors.
By 17:00 local time, the JSE All Share [JSE:J203] index was down 0.84%, with resources falling 1.10%, platinum miners sliding 2.07% and gold miners shedding 1.01%. Financials eased 0.73%, banks were down 0.82% and industrials lost 0.65%.
The rand was bid at 6.75 to the dollar, from 6.65 at the JSE's close on Friday. Gold was quoted at US$1 508 a troy ounce from US$1 495.47/oz at the JSE's previous close, while platinum was at $1 791.50/oz, from $1 790.20/oz previously.
"The debt problems in Europe resurfaced on Friday, which weighed on sentiment on global markets today. Greece seems to be asking for leniency on the repayment terms extended to them by the European Union (EU) and International Monetary Fund (IMF)," a local dealer said.
Dow Jones Newswires reported that US stocks edged marginally higher on Monday, as deal activity and a bounce in commodities competed with concerns over Greek finances.
Helping boost energy stocks, commodity prices rose after plunging sharply last week. Crude-oil prices advanced above US$100 a barrel, while gold and silver futures both rose.
However, concerns over Greece's debt burden mounted again in Europe after ratings company Standard & Poor's cut Greece's long-term credit rating to single-B from double-B-minus.
S&P said the downgrade reflected the increasing likelihood that Greece's official creditors, led by the German government, might soon force private bond holders to accept an extension on Greek debt repayments coming due in the next few years. "The European situation is still troubling," said Tom Wilson, managing director at Brinker Capital.
"Investors are still very concerned about it and of course the concern is not just for Greece in itself, but that the problems will spread to other weaker countries in the EU such as Portugal and Spain."
By 17:00 local time, the JSE All Share [JSE:J203] index was down 0.84%, with resources falling 1.10%, platinum miners sliding 2.07% and gold miners shedding 1.01%. Financials eased 0.73%, banks were down 0.82% and industrials lost 0.65%.
The rand was bid at 6.75 to the dollar, from 6.65 at the JSE's close on Friday. Gold was quoted at US$1 508 a troy ounce from US$1 495.47/oz at the JSE's previous close, while platinum was at $1 791.50/oz, from $1 790.20/oz previously.
"The debt problems in Europe resurfaced on Friday, which weighed on sentiment on global markets today. Greece seems to be asking for leniency on the repayment terms extended to them by the European Union (EU) and International Monetary Fund (IMF)," a local dealer said.
Dow Jones Newswires reported that US stocks edged marginally higher on Monday, as deal activity and a bounce in commodities competed with concerns over Greek finances.
Helping boost energy stocks, commodity prices rose after plunging sharply last week. Crude-oil prices advanced above US$100 a barrel, while gold and silver futures both rose.
However, concerns over Greece's debt burden mounted again in Europe after ratings company Standard & Poor's cut Greece's long-term credit rating to single-B from double-B-minus.
S&P said the downgrade reflected the increasing likelihood that Greece's official creditors, led by the German government, might soon force private bond holders to accept an extension on Greek debt repayments coming due in the next few years. "The European situation is still troubling," said Tom Wilson, managing director at Brinker Capital.
"Investors are still very concerned about it and of course the concern is not just for Greece in itself, but that the problems will spread to other weaker countries in the EU such as Portugal and Spain."
