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JSE down on fiscal cliff, thin trade

Dec 28 2012 14:30 I-Net Bridge


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Johannesburg – The JSE weakened at noon on Friday as fears over the looming fiscal cliff in the US spooked traders‚ amid thin volumes.

“It is a very quiet market today - the right environment for swings in any direction due to the small number of traders‚” Vunani Private Clients global market analyst Kuziva Muganiwa said.

At 12:03pm‚ the All Share [JSE:J203] index was 0.21% weaker at 39‚343.18 points. Gold miners added 0.89%‚ while platinum miners shed 0.87% and banks gave up 0.74%.

“There is still uncertainty over the fiscal cliff in the US‚ as leaders have hinted that there is no clear-cut agreement at the moment. If a deal is not struck the US could face a downgrade and thus fall into recession‚” Muganiwa said.

US President Barack Obama and Congressional leaders are set for discussion on Friday to settle their budget differences before spending cuts and higher taxes take effect at the end of the year.

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