Loading...
See More

JSE drops to 4-week lows on Fed minutes

Feb 21 2013 13:49 I-Net Bridge


Related Articles

JSE resources sell-off continues

Platinum stocks gain‚ gold miners fall

Industrials buoy JSE‚ retailers weigh

Industrials keep JSE positive

JSE edges up as miners recover

JSE at 3-week low as miners weigh

 
Johannesburg - The JSE slid to its lowest point in just over four weeks on Thursday‚ extending the previous day’s losses‚ amid global market jitters about the US central bank potentially scrapping or scaling back its monetary easing measures.

The JSE’s main constituent indices fell across the board‚ with the resources sector coming under intense selling pressure due to its sensitivity to global economic growth.

At 12:39 the All Share index was 1.47% lower at 39 835.57 points after closing 0.75% weaker on Wednesday. The Top 40 - (Tradeable) [JSE:J200] index tumbled 1.60%‚ and the platinum and gold indices dropped 3.73% and 3.14% respectively as resources fell 2.97%.

“The US Fed minutes are the main trigger to the pullback we have been anticipating for sometime. Domestic and global markets looked stretched‚” said Paul Hansen‚ portfolio manager at Stanlib. “It will be interesting however‚ to see what the US Fed Chairman will say during the next rate policy setting meeting‚ judging by the market reaction to the debate over the bond buying programme.”

The Fed minutes showed that more officials are growing concerned about the cost and risks of further asset purchases.

Leading European markets were all weaker‚ with UK’s FTSE 100 down 1.47% at noon local time.

On the JSE‚ global resources giant BHP Billiton (BIL) fell 3.22% to R287.33‚ Anglo Platinum (AMS) was down 3.44% to R426.80 and Impala Platinum (IMP) was off 3.77% to R140.

AngloGold Ashanti (ANG) shed 3.19% to R224.80‚ Gold Fields (GFI) gave up 3.03% to R78.20 and Sibanye Gold (SGL) was down 4.08% to R12.71.

SABMiller (SAB) gave up 1.34% to R439.16 and Nedbank (NED) lost 1.89% to R187.08.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jse  |  markets
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

3 sports games you have to watch this weekend

Whether it’s date night or a braai with buddies, plan around these three exciting sporting games!

 
 

Men24.com

Everyday struggles of naturally skinny guys
And this year's Miss Bumbum title goes to...
How to maintain your mo, bro
Hottie of the day: Colette

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...