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JSE extends losses on risk aversion

Johannesburg - The JSE extended losses in midday trade on Tuesday in line with the main global markets, with general mining counters leading the downside amid risk aversion.

By 12:00 local time, the JSE All Share [JSE:J203] index was down 1.03% to 30,936.06, with resources sliding 1.61%. Platinum miners came off 1.18%, and gold miners were flat (0.07%).

Banks lost 0.19%, financials dropped 0.54% and industrials shed 0.82%.

The rand was bid at 6.74 to the dollar, from 6.72 at the JSE's close on Monday. Gold was quoted at US$1 626.27 a troy ounce from US$1 627.02/oz at the JSE's previous close, while platinum was at US$1 792.70/oz, from US$1 796/oz previously.

David Shapiro, a director at Sasfin Securities, said: "The market lacks confidence. On the global scale, we need leadership that would inspire confidence back in the market. The US debt deal was completely overshadowed by the weaker US manufacturing data."

Dow Jones newswires reported that European stocks posted moderate losses on Tuesday, as the focus shifted away from US debt and back to fundamentals following weak manufacturing readings in the US, China and the eurozone, and as investors continued to fret about the possibility of a US credit-rating downgrade. London's FTSE 100 was down 0.75% to 5 731.28. Earlier, Asian shares fell Tuesday with Japan's Nikkei Stock Average losing 1.21% to 9 844.59 at the close.
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Rand - Dollar
18.97
-0.3%
Rand - Pound
23.97
-0.3%
Rand - Euro
20.48
-0.1%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
907.94
+1.2%
Palladium
1,014.30
+1.3%
Gold
2,215.39
+0.9%
Silver
24.91
+1.1%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
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