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Johannesburg - The JSE was dragged weaker on
Wednesday, but in line with a negative start on Wall Street as concerns
remained over no long-term solution to the eurozone debt crisis.
A local dealer said that the few investors who were still trading and not already on the beach were still digesting the results of the European Central Bank's longer-term refinancing initiative.
At 17:00 local time, the JSE all-share index was off by 0.43%, having opened 0.71% to the good and being dragged lower by commodities. Gold miners subsided 0.73%, platinum miners shipped 1.39% and resources waned 1.08%.
Banks declined 0.10%, financials were flat (0.02%) and industrial counters dropped 0.14%.
The dealer noted that a volatile rand also played its part on the local bourse.
The rand was bid at 8.24 to the dollar from 8.22 at the JSE's close on Tuesday. It reached an intraday best level of 8.06 against the buck. Gold traded at US$1,611.35 a troy ounce from US$1,613.28/oz at the JSE's previous close, while platinum was quoted at US$1,424.20/oz, from US$1,429.50/oz at the previous close.
Dow Jones Newswires reported that US stocks opened lower, reversing strong premarket gains, as questions about loans to eurozone banks and some earnings disappointments cut into Tuesday's optimism.
The tepid market open reversed a premarket of 120 points on the Dow, and comes a day after the blue-chip index ran up 2.9%, for one of its biggest gains of the year.
The declines came after the European Central Bank's longer-term refinancing operation allotted a bigger-than-expected EUR489.19 billion (US$639.96 billion) in three-year loans to 523 eurozone banks in the first of two refinancing operations. Analysts had expected the amount of loans to exceed EUR300 billion.
The greater-than-expected demand raised some eyebrows, and helped push European markets lower.
Asian bourses were mostly higher, with South Korea's Kospi running up 3.1%. But the Shanghai Composite erased early gains to shed 1.1%.
The economic calendar is relatively light, with only data on existing home sales in November scheduled for release at 10:00 EST.
A local dealer said that the few investors who were still trading and not already on the beach were still digesting the results of the European Central Bank's longer-term refinancing initiative.
At 17:00 local time, the JSE all-share index was off by 0.43%, having opened 0.71% to the good and being dragged lower by commodities. Gold miners subsided 0.73%, platinum miners shipped 1.39% and resources waned 1.08%.
Banks declined 0.10%, financials were flat (0.02%) and industrial counters dropped 0.14%.
The dealer noted that a volatile rand also played its part on the local bourse.
The rand was bid at 8.24 to the dollar from 8.22 at the JSE's close on Tuesday. It reached an intraday best level of 8.06 against the buck. Gold traded at US$1,611.35 a troy ounce from US$1,613.28/oz at the JSE's previous close, while platinum was quoted at US$1,424.20/oz, from US$1,429.50/oz at the previous close.
Dow Jones Newswires reported that US stocks opened lower, reversing strong premarket gains, as questions about loans to eurozone banks and some earnings disappointments cut into Tuesday's optimism.
The tepid market open reversed a premarket of 120 points on the Dow, and comes a day after the blue-chip index ran up 2.9%, for one of its biggest gains of the year.
The declines came after the European Central Bank's longer-term refinancing operation allotted a bigger-than-expected EUR489.19 billion (US$639.96 billion) in three-year loans to 523 eurozone banks in the first of two refinancing operations. Analysts had expected the amount of loans to exceed EUR300 billion.
The greater-than-expected demand raised some eyebrows, and helped push European markets lower.
Asian bourses were mostly higher, with South Korea's Kospi running up 3.1%. But the Shanghai Composite erased early gains to shed 1.1%.
The economic calendar is relatively light, with only data on existing home sales in November scheduled for release at 10:00 EST.
