Johannesburg - The JSE opened a little higher on Wednesday
but eased back as investor worries over disappointing US quarterly earnings
offset improving manufacturing data out of China.
At 10:02am‚ the JSE All Share [JSE:J203] index flat (0.07%)‚
at 36‚702.86‚ with the Top 40 - (Tradeable) [JSE:J200] also flat (0.04%) at
32‚510.91. Platinum shares‚ however‚ lifted 0.90% on some bargain hunting after
a big drop on Tuesday.
China's October flash HSBC manufacturing purchasing
managers' index rose to 49.1 in October‚ compared with a final reading of 47.9
in September.
“The (China) data suggests that we might have seen the worst
in terms of contraction in its manufacturing sector‚ which is positive for
markets and resources‚” said Rabi Thithi‚ portfolio manager at Imara SP Reid.
A reading above 50 indicates expansion‚ while a reading
below 50 suggests contraction.
“However‚ market sentiment is still on the whole bearish
because of US earnings data. Companies are beating earnings estimates‚ but
missing revenue forecasts‚ which implies cost cutting measures‚” Thithi said.
Leading European shares opened higher but lost ground‚ with London’s FTSE 100 last seen down 0.20%. In Asia‚ Japan’s Nikkei 225 ended 0.67% weaker.