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Johannesburg - The JSE was trading in a flat range
at noon as nervousness surrounding Europe's debt crisis continued to
resonate.
A local trader said: "We've lost the gains of the morning and the US has lost ground as well. Markets have been a bit weak."
The trader said that the losses were happening across the board globally, and local markets had moved down in line with the others.
By 12:03 local time, the JSE All Share [JSE:J203] index was flat (0.06%). Platinum counters took up 1.39%, gold lifted 1.11% and resources generated 0.28%.
Banks dropped 0.43%, financials surrendered 0.29%, and industrials entered flat territory (-0.03%).
The rand was bid at 8.02 to the dollar, from 8.08 at the JSE's close on Tuesday. Gold traded at $1 730.95 a troy ounce from $1 702.22/oz at the JSE's previous close, while platinum was at $1 596.20/oz, from $1 578.20/oz previously.
Dow Jones Newswires reported that European stocks rose on Wednesday, bouncing back after sharp falls in the previous session, as investors pinned their hopes on hints of further stimulus at the Federal Open Market Committee meeting later in the day.
Traders pointed to the fact that some Federal Reserve members have alluded to the possibility of further policy accommodation in recent weeks. Nevertheless, not everyone was convinced. Lloyds Bank Corporate Markets said it was unlikely the FOMC would announce any new policy changes.
"Recent data from the US have been good, with strong third-quarter GDP and resilient domestic spending, and while unemployment remains high, payrolls have been better than expected," it said. "While there remains a possibility of further quantitative easing, the Fed will likely hold fire; at least until the super committee announces its fiscal tightening plan later this month (deadline on November 23)," it added.
Looking ahead to the rest of the week, all eyes will be on the G-20 meeting that starts on Thursday in Cannes, which Greek PM Papandreou will be attending.
A local trader said: "We've lost the gains of the morning and the US has lost ground as well. Markets have been a bit weak."
The trader said that the losses were happening across the board globally, and local markets had moved down in line with the others.
By 12:03 local time, the JSE All Share [JSE:J203] index was flat (0.06%). Platinum counters took up 1.39%, gold lifted 1.11% and resources generated 0.28%.
Banks dropped 0.43%, financials surrendered 0.29%, and industrials entered flat territory (-0.03%).
The rand was bid at 8.02 to the dollar, from 8.08 at the JSE's close on Tuesday. Gold traded at $1 730.95 a troy ounce from $1 702.22/oz at the JSE's previous close, while platinum was at $1 596.20/oz, from $1 578.20/oz previously.
Dow Jones Newswires reported that European stocks rose on Wednesday, bouncing back after sharp falls in the previous session, as investors pinned their hopes on hints of further stimulus at the Federal Open Market Committee meeting later in the day.
Traders pointed to the fact that some Federal Reserve members have alluded to the possibility of further policy accommodation in recent weeks. Nevertheless, not everyone was convinced. Lloyds Bank Corporate Markets said it was unlikely the FOMC would announce any new policy changes.
"Recent data from the US have been good, with strong third-quarter GDP and resilient domestic spending, and while unemployment remains high, payrolls have been better than expected," it said. "While there remains a possibility of further quantitative easing, the Fed will likely hold fire; at least until the super committee announces its fiscal tightening plan later this month (deadline on November 23)," it added.
Looking ahead to the rest of the week, all eyes will be on the G-20 meeting that starts on Thursday in Cannes, which Greek PM Papandreou will be attending.
