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Johannesburg - The JSE extended losses at noon on
Monday, tracking a weaker trend on global stock markets.
At 12:00 local time, the JSE All Share [JSE:J203] index was down 0.94% to 33 718.52 points, with gold miners losing 2.70%, platinum miners dropping 1.42% and resources shedding 1.73%.
Financials were down 0.97%, while banking stocks were off 1.76% and industrials dipped 0.38%.
The rand weakened to 8.18 to the US dollar, from 8.07 at the JSE's close on Friday, while gold was quoted at $1 562.62 a troy ounce from $1 588.55/oz at the JSE's previous close and platinum was at $1 451.50/oz, from $1 475.50/oz at the previous session.
"People would say it is Greece but it is not, I think Greece's story has been priced into the euro by this time. What happened in the last two weeks or so was that the euro region manufacturing data came in worse than expected. This morning, we had weak industrial production out of the region, which added fuel to the fire. The Spanish bond sale also received a poor take-up, which added to risk-off trade," said Drikus Combrinck, portfolio manager at PSG Konsult.
European stocks fell sharply on Monday as investors scurried to safety, after the latest attempt to form a coalition government in Greece failed, Dow Jones Newswires reported.
Over the weekend, the leader of Greece's radical left party Syriza, Alexis Tsipras, rejected calls to join a coalition, saying he wouldn't support New Democracy or Pasok in a pro-austerity government.
Meanwhile, Spanish default protection costs hit a fresh record high. Investors remain concerned about Spain's financial system, after the government outlined new plans last week to force its banks to take on an extra EUR30 billion of capital to cushion themselves against bad loans.
The UK's FTSE 100 Index was down 1.64% to 5 484.25 points at noon local time.
Asian stocks ended mixed as investors weighed up efforts by China to boost its slowing economy versus ongoing political worries over Europe.
Japan's Nikkei finished 0.2% firmer while China Shanghai SE Composite fell 0.6%.
US stock futures pointed to a lower opening for Wall Street amid investor concern about Greece's political impasse and broader economic concern on the eurozone.
At 12:00 local time, the JSE All Share [JSE:J203] index was down 0.94% to 33 718.52 points, with gold miners losing 2.70%, platinum miners dropping 1.42% and resources shedding 1.73%.
Financials were down 0.97%, while banking stocks were off 1.76% and industrials dipped 0.38%.
The rand weakened to 8.18 to the US dollar, from 8.07 at the JSE's close on Friday, while gold was quoted at $1 562.62 a troy ounce from $1 588.55/oz at the JSE's previous close and platinum was at $1 451.50/oz, from $1 475.50/oz at the previous session.
"People would say it is Greece but it is not, I think Greece's story has been priced into the euro by this time. What happened in the last two weeks or so was that the euro region manufacturing data came in worse than expected. This morning, we had weak industrial production out of the region, which added fuel to the fire. The Spanish bond sale also received a poor take-up, which added to risk-off trade," said Drikus Combrinck, portfolio manager at PSG Konsult.
European stocks fell sharply on Monday as investors scurried to safety, after the latest attempt to form a coalition government in Greece failed, Dow Jones Newswires reported.
Over the weekend, the leader of Greece's radical left party Syriza, Alexis Tsipras, rejected calls to join a coalition, saying he wouldn't support New Democracy or Pasok in a pro-austerity government.
Meanwhile, Spanish default protection costs hit a fresh record high. Investors remain concerned about Spain's financial system, after the government outlined new plans last week to force its banks to take on an extra EUR30 billion of capital to cushion themselves against bad loans.
The UK's FTSE 100 Index was down 1.64% to 5 484.25 points at noon local time.
Asian stocks ended mixed as investors weighed up efforts by China to boost its slowing economy versus ongoing political worries over Europe.
Japan's Nikkei finished 0.2% firmer while China Shanghai SE Composite fell 0.6%.
US stock futures pointed to a lower opening for Wall Street amid investor concern about Greece's political impasse and broader economic concern on the eurozone.
