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JSE drops on EU concerns

Johannesburg - After a positive open‚ the JSE did an about turn at noon to trade lower across all the main constituent indices as euro area economic concerns knocked global market sentiment once gain.

At 12:45‚ the JSE All Share [JSE:J203] index had slipped 0.46% to 40 067.60 points‚ with the blue-chip Top 40 - (Tradeable) [JSE:J200] index losing 0.50%. Platinum and industrial stocks fell 1.39% and 0.51%‚ respectively.

“Europe is back in the spotlight after everybody appeared to have forgotten about it for a few months. Although they were in line with expectations‚ the region has had bits and pieces of economic data which have illustrated the bad state of its economy‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management.

Leading European share markets were mixed at noon‚ with London’s FTSE 100 dipping 0.50%. In the US futures pointed to a lower open on Wall Street.

The European Commission said on Wednesday the headline economic sentiment indicator that aggregates surveys of businesses and consumers across the eurozone fell to 90.0 from 91.1‚ the first decline since October of last year‚ Dow Jones Newswires reported.

Among the notable movers on the JSE‚ Anglo American Platinum (AMS) lost 2.47% to R392 and Lonmin (LON) fell 2.35% to R42.06.

Sibanye Gold (SGL) lifted 2.02% to R13.16‚ as risk seems to be creeping off the table and investors rush to the perceived safe haven of gold. Harmony (HAR) gained 1.02% to R57.70.

Telecommunications group Telkom (TKG) gave up 2.34% to R14.16.

Among banks ABIL (ABL) slipped 2.35% to R30.27 and Investec Ltd (INL) was down 2.17% to R65.40.

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Rand - Dollar
18.97
-0.1%
Rand - Pound
24.08
+0.1%
Rand - Euro
20.61
-0.1%
Rand - Aus dollar
12.37
+0.4%
Rand - Yen
0.13
+0.5%
Platinum
906.50
-1.8%
Palladium
1,010.52
+0.4%
Gold
2,157.07
-0.2%
Silver
24.99
-0.2%
Brent Crude
86.89
+1.8%
Top 40
66,032
-0.3%
All Share
72,214
-0.3%
Resource 10
53,305
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Industrial 25
99,838
-0.6%
Financial 15
16,604
-0.1%
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