JSE ends weaker, led by miners

Johannesburg - The JSE ended weaker on Tuesday for the second straight session, with the resources index leading the downside due to some profit taking.

Banking and financial indexes finished up amid some bargain hunting. "Nedbank came out with a fairly strong trading update on Monday, which gave rise to expectations that other banks would come with more or less similar updates," said Ian Cruickshanks, market watcher at Nedbank Capital.

At 17:00, the JSE All Share [JSE:J203] index ended 0.59% lower to 33 974.45 points, led by gold miners down 1.99%, resources were off 1.28% and platinums shed 0.21%.

Banking stocks however lifted 0.47%, financials edged up 0.17% and industrials were down 0.37%.

The rand was trading at 7.56 to the dollar from 7.58 at the JSE's close on Monday. Gold exchanged hands at $1 723.82 a troy ounce from $1 720.61/oz at the JSE's previous close, while platinum was quoted at $1 621.02/oz, from $1 615.58/oz before.

"The JSE is still around 7% higher on the all-share index in the year to date. Investors are taking profits while looking to Greece to settle its sovereign debt problems," said Cruickshanks.

US stocks fell after the market opened on Tuesday as worries mounted over the potential impact of Greece's failure to agree on necessary austerity measures, Dow Jones Newswires reports.

European markets also lost ground, as the inability of the leaders of Greece's political party to agree on austerity measures unnerved investors. A new fiscal pact is necessary for Greece to receive the next round of bailout funds.

Fitch Ratings said if bailout negotiations in Greece failed, severe contagion was likely across Europe.

Asian bourses were mostly lower, led by a 1.7% drop in China's Shanghai Composite. Japan's Nikkei Stock Average eased 0.1%