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Johannesburg - The SA equity market flipped between positive and negative territory at noon‚ struggling for direction ahead of the European Central Bank (ECB) policy meeting on Thursday.
“World markets are on hold pending the outcome of the ECB policy meeting. One is not able to determine the trend‚ with most players not taking new positions‚” said Ian Cruickshanks‚ market watcher at Nedbank Capital.
Markets are betting that the euro region central bank will unveil a bond-buying programme to lower sovereign bond yields in the single-currency area.
At 12:43‚ the JSE all-share index was down 0.08% to 35 132.23 points‚ with platinum index shedding 1.03% but gold miners lifting 1.30%.
Miners shares‚ in particular Kumba Iron Ore [JSE:KIO] and Exxaro Resources [JSE:EXX]‚ came under continued selling pressure due to lower global iron ore prices. The two shares have dropped nearly 14% each since the start of last week.
Kumba shed 3.63% to R467.37 and Exxaro lost 1.18% to R146.26.
Among other stocks‚ Sasol [JSE:SOL] dropped 2.05% to R356.05‚ Lonmin [JSE:LON] was off 3.60% to R72.67 while AngloGold Ashanti [JSE:ANG] lifted 1.94% to R266.55.
Richemont [JSE:CFR] gained 1.62% to R52.65 and Discovery Holdings [JSE:DSY] dipped 2.99% to R56.20.
“World markets are on hold pending the outcome of the ECB policy meeting. One is not able to determine the trend‚ with most players not taking new positions‚” said Ian Cruickshanks‚ market watcher at Nedbank Capital.
Markets are betting that the euro region central bank will unveil a bond-buying programme to lower sovereign bond yields in the single-currency area.
At 12:43‚ the JSE all-share index was down 0.08% to 35 132.23 points‚ with platinum index shedding 1.03% but gold miners lifting 1.30%.
Miners shares‚ in particular Kumba Iron Ore [JSE:KIO] and Exxaro Resources [JSE:EXX]‚ came under continued selling pressure due to lower global iron ore prices. The two shares have dropped nearly 14% each since the start of last week.
Kumba shed 3.63% to R467.37 and Exxaro lost 1.18% to R146.26.
Among other stocks‚ Sasol [JSE:SOL] dropped 2.05% to R356.05‚ Lonmin [JSE:LON] was off 3.60% to R72.67 while AngloGold Ashanti [JSE:ANG] lifted 1.94% to R266.55.
Richemont [JSE:CFR] gained 1.62% to R52.65 and Discovery Holdings [JSE:DSY] dipped 2.99% to R56.20.
