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JSE flat in lacklustre trade

Feb 11 2013 14:39 I-Net Bridge


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Johannesburg - The JSE remained flat at midday on Monday in low volume trade‚ following yet another lifetime peak on Friday.

News flow lacked the impetus to either push markets higher or reverse recent gains‚ with most Asian stock market indices shut for public holidays.

At 12:44 the All Share [JSE:J203] index was flat (0.03%) at 40 906.70 but the platinum index dropped 1.26% weighed on mostly by Impala Platinum (IMP‚ Implats) following its trading update.

“I don’t foresee any major market moves today. With no economic releases of note‚ I expect the market to bubble along‚” said David Shapiro‚ director at Sasfin Securities. 
“But fundamentally people are still moving into equities. It is not the kind of environment in which we are likely to see massive correction from current levels. If anything‚ it will be sideways movement.”

The All Share index is up just over 3% in the year to date following a 22% gain last year.

Leading European markets were marginally higher‚ with UK’s FTSE 100 gaining 0.29% at 12:00.

On the JSE‚ Implats was down 2.06% to R161.75 after the world’s second largest platinum producer said its earnings were expected to fall by more than two thirds in the six months to December‚ while smaller rival Aquarius Platinum (AQP) fell 4.90% to R9.51.

Gold Fields (GFI) was down 12.67% to R92.40 after the separate listing of its South African mining assets following the unbundling late last year.

ArcelorMittal SA (ACL) was down 4.11% to R34.06‚ while Nedbank (NED) was up 1.93% to R193.79.

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