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Johannesburg - Following global markets lower on Wednesday, the JSE ended in the red as concerns over the rising oil price and the continuing Libyan political upheaval prevailed.
Libyan leader Muammar Gaddafi warned the West on Wednesday afternoon against intervening to support the rebellion against him, saying that would unleash a "very bloody war" in which "thousands of Libyans would die."
The JSE all-share index lost 0.24%, with resource stocks sliding 0.08%, gold counters shedding 0.16% and platinum miners sliding 0.47%. Banks ticked up 0.05%, financials eased 0.28% and industrials were 0.39% lower.
The rand was bid at 6.88 to the dollar from 6.95 at the JSE's close on Tuesday. Gold was quoted at US$1 438.09 a troy ounce from US$1 422.61/oz at the JSE's previous close, while platinum was at $1 853/oz from $1 832.50/oz before.
"Gaddafi was talking earlier in the afternoon and his comments rattled investors, hence the oil price spike. It's just been pretty negative across the board on our markets and European markets today. The rand has been stubbornly strong at around R6.90/$, so weighing on the rand hedges as well," said Mpho Mojalefa, a trader at BJM Private Client Services.
Meanwhile, Dow Jones Newswires reported that US stocks struggled for direction Wednesday morning as crude oil crept over $100 a barrel.
The Dow Jones Industrial Average was off two points at 12055 in early trading. The Standard & Poor's 500-stock index slipped less than a point to 1306 while the Nasdaq Composite edged down less than a point at 2736.
The market moves came as crude oil rose to $100.66 a barrel for April delivery on the New York Mercantile Exchange. Brent crude oil, traded in London, rose to $115.73 a barrel.
The rise in oil prices has been underpinned by fears that the unrest in the Mideast and North Africa will disrupt oil supplies from the region. The Saudi Arabia stock index, already down sharply in recent days, fell 3.9% Wednesday to bring its weekly decline to 15%.
Investors were also keeping an eye on US private-sector employment, which increased by 217 000 last month, better than consensus expectations of 170 000 new jobs. The strong numbers come ahead of Friday's closely watched nonfarm-payrolls report.
At 10 am EST, Federal Reserve Chairman Ben Bernanke will give a second day of testimony before Congress and at 2pm EST, the Fed will release its Beige Book report on economic activity around the country.
Libyan leader Muammar Gaddafi warned the West on Wednesday afternoon against intervening to support the rebellion against him, saying that would unleash a "very bloody war" in which "thousands of Libyans would die."
The JSE all-share index lost 0.24%, with resource stocks sliding 0.08%, gold counters shedding 0.16% and platinum miners sliding 0.47%. Banks ticked up 0.05%, financials eased 0.28% and industrials were 0.39% lower.
The rand was bid at 6.88 to the dollar from 6.95 at the JSE's close on Tuesday. Gold was quoted at US$1 438.09 a troy ounce from US$1 422.61/oz at the JSE's previous close, while platinum was at $1 853/oz from $1 832.50/oz before.
"Gaddafi was talking earlier in the afternoon and his comments rattled investors, hence the oil price spike. It's just been pretty negative across the board on our markets and European markets today. The rand has been stubbornly strong at around R6.90/$, so weighing on the rand hedges as well," said Mpho Mojalefa, a trader at BJM Private Client Services.
Meanwhile, Dow Jones Newswires reported that US stocks struggled for direction Wednesday morning as crude oil crept over $100 a barrel.
The Dow Jones Industrial Average was off two points at 12055 in early trading. The Standard & Poor's 500-stock index slipped less than a point to 1306 while the Nasdaq Composite edged down less than a point at 2736.
The market moves came as crude oil rose to $100.66 a barrel for April delivery on the New York Mercantile Exchange. Brent crude oil, traded in London, rose to $115.73 a barrel.
The rise in oil prices has been underpinned by fears that the unrest in the Mideast and North Africa will disrupt oil supplies from the region. The Saudi Arabia stock index, already down sharply in recent days, fell 3.9% Wednesday to bring its weekly decline to 15%.
Investors were also keeping an eye on US private-sector employment, which increased by 217 000 last month, better than consensus expectations of 170 000 new jobs. The strong numbers come ahead of Friday's closely watched nonfarm-payrolls report.
At 10 am EST, Federal Reserve Chairman Ben Bernanke will give a second day of testimony before Congress and at 2pm EST, the Fed will release its Beige Book report on economic activity around the country.
