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Johannesburg - The JSE extended losses at noon on
Tuesday, with general mining counters leading the downside on renewed
concerns after a BHP Billiton report saying that demand from China
for iron ore was flattening out.
"The market is sensitive to any news coming out China since the realignment of its economic growth forecast several weeks ago," said Ian Cruickshanks, market watcher at Nedbank Capital.
By 12:01 local time, the JSE All Share [JSE:J203] index had lost 0.81% to 33 935.96 points, with resources sliding 1.87%, gold miners shed 1.31% and platinum miners lost 0.36%.
Industrials shed 0.36%, banks gave up 0.29%, and financials edged down 0.12%.
The rand was trading at 7.60 to the US dollar, from 7.54 at the JSE's close on Monday. Gold was quoted at $1 649.27 a troy ounce from $1 665.06 at the JSE's previous close, while platinum was at $1 665/oz from $1 679/oz.
"The JSE is now below 34,000 level on the all-share after BHP Billiton said the demand for iron ore is going to be flat in the short to medium term. Remember most of our resources go to China," said Hennie Fourie, stockbroker at PSG Konsult.
European stock markets fell on Tuesday, pressured by losses in Asian markets with investors' showing reluctance to build exposure to equities following recent gains, and instead looking to economic data for fresh direction, Dow Jones Newswires reports.
There seems to be an underlying feeling of caution at the moment as investors struggle to find reasons to increase this current rally further, said Simon Furlong, a trader at Spreadex. "The 'risk on' trading the markets have experienced recently, fuelled by liquidity and a more positive outlook for the U.S. economy seems to be losing some steam," Furlong added.
London's FTSE 100 index was down 0.97% to 5,903 points at about noon local time.
Asian stock markets ended lower, with resource stocks hit by a decline in commodity prices and comments from an executive at mining giant BHP Billiton that Chinese demand growth was slowing.
China's Shanghai Composite fell 1.4%, Hong Kong's Hang Seng Index shed 1.1%. Japanese markets were closed for a holiday.
"The market is sensitive to any news coming out China since the realignment of its economic growth forecast several weeks ago," said Ian Cruickshanks, market watcher at Nedbank Capital.
By 12:01 local time, the JSE All Share [JSE:J203] index had lost 0.81% to 33 935.96 points, with resources sliding 1.87%, gold miners shed 1.31% and platinum miners lost 0.36%.
Industrials shed 0.36%, banks gave up 0.29%, and financials edged down 0.12%.
The rand was trading at 7.60 to the US dollar, from 7.54 at the JSE's close on Monday. Gold was quoted at $1 649.27 a troy ounce from $1 665.06 at the JSE's previous close, while platinum was at $1 665/oz from $1 679/oz.
"The JSE is now below 34,000 level on the all-share after BHP Billiton said the demand for iron ore is going to be flat in the short to medium term. Remember most of our resources go to China," said Hennie Fourie, stockbroker at PSG Konsult.
European stock markets fell on Tuesday, pressured by losses in Asian markets with investors' showing reluctance to build exposure to equities following recent gains, and instead looking to economic data for fresh direction, Dow Jones Newswires reports.
There seems to be an underlying feeling of caution at the moment as investors struggle to find reasons to increase this current rally further, said Simon Furlong, a trader at Spreadex. "The 'risk on' trading the markets have experienced recently, fuelled by liquidity and a more positive outlook for the U.S. economy seems to be losing some steam," Furlong added.
London's FTSE 100 index was down 0.97% to 5,903 points at about noon local time.
Asian stock markets ended lower, with resource stocks hit by a decline in commodity prices and comments from an executive at mining giant BHP Billiton that Chinese demand growth was slowing.
China's Shanghai Composite fell 1.4%, Hong Kong's Hang Seng Index shed 1.1%. Japanese markets were closed for a holiday.
