Johannesburg - All the major indices on the JSE were lower at midday, after an early morning rally soon ran out of steam.
Analysts said the market is still hampered by the worldwide sell-off of emerging markets, which continued on Monday morning in the Far East. The American stock markets also ended the week lower last Friday.
By midday the All-share index traded 198,32 points or 0.44% lower, and the Top 40 index was 190,92 points or 0.47% lower on 40 692.
The resources sector has lately been supported by the weaker rand, but some analysts think it is overbought. The profit-taking which occurred towards the end of last week continued on Monday morning.
Among the big resources stocks Anglo American (AGL) lost 0.33% or 85c to R258.72‚ and BHP Billiton (BIL) traded 0.840% lower on R325,37.
Platinum shares started strongly, but lost ground later on. At midday Anglo American Platinum (AMS) was barely higher on R444.12 - only 0.32% up on Friday's close - after reporting a strong turnaround in the year ended December 2013‚ with attributable headline earnings per share of 553c after a loss of 560c a year ago.
Platinum shares were also initially supported by an indication by the Association of Mineworkers and Construction Union that it seeks a speedy end to the strike in the industry, as members were not keen on an extended strike.
The gold index was 1.58% down after disappointing results from Harmony, which shed 4.82% to R31. The miner reported a headline loss of R91m for the December quarter‚ or a loss of 21c per share‚ after a profit of R20m the previous quarter.
Some of the rate sensitive stocks continued their recovery from Friday on indications from Reserve Bank governor Gill Marcus that further interest rate hikes are not a certainty. These stocks were under pressure after the bank raised interest rates on Wednesday with 50 basis points.
Food retailer Shoprite (SHP) lifted 181c or 1.27% to R144,51.
The rand was slightly weaker against the dollar on Monday and will probably remain under pressure from continuing nervousness about emerging markets.
The rand was at R11.0900 to the dollar at midday, down marginally from Friday's close.
Analysts said the market is still hampered by the worldwide sell-off of emerging markets, which continued on Monday morning in the Far East. The American stock markets also ended the week lower last Friday.
By midday the All-share index traded 198,32 points or 0.44% lower, and the Top 40 index was 190,92 points or 0.47% lower on 40 692.
The resources sector has lately been supported by the weaker rand, but some analysts think it is overbought. The profit-taking which occurred towards the end of last week continued on Monday morning.
Among the big resources stocks Anglo American (AGL) lost 0.33% or 85c to R258.72‚ and BHP Billiton (BIL) traded 0.840% lower on R325,37.
Platinum shares started strongly, but lost ground later on. At midday Anglo American Platinum (AMS) was barely higher on R444.12 - only 0.32% up on Friday's close - after reporting a strong turnaround in the year ended December 2013‚ with attributable headline earnings per share of 553c after a loss of 560c a year ago.
Platinum shares were also initially supported by an indication by the Association of Mineworkers and Construction Union that it seeks a speedy end to the strike in the industry, as members were not keen on an extended strike.
The gold index was 1.58% down after disappointing results from Harmony, which shed 4.82% to R31. The miner reported a headline loss of R91m for the December quarter‚ or a loss of 21c per share‚ after a profit of R20m the previous quarter.
Some of the rate sensitive stocks continued their recovery from Friday on indications from Reserve Bank governor Gill Marcus that further interest rate hikes are not a certainty. These stocks were under pressure after the bank raised interest rates on Wednesday with 50 basis points.
Food retailer Shoprite (SHP) lifted 181c or 1.27% to R144,51.
The rand was slightly weaker against the dollar on Monday and will probably remain under pressure from continuing nervousness about emerging markets.
The rand was at R11.0900 to the dollar at midday, down marginally from Friday's close.