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Johannesburg - The JSE pared earlier gains to trade relatively flat as weakness in the general resources sector weighed on the equity market.
At 12:47‚ the JSE All Share [JSE:J203] index had edged up 0.08% to 40 910.58 points‚ off its intraday record high of 41 047.72. but gold and resource indices slipped 1.74% and 0.37%‚ respectively.
“The broader market is holding up well‚ save for the resource counters such as Kumba Iron Ore which is under pressure from a significant drop in global iron ore prices‚” said Francois Venter‚ equity dealer at Investec Asset Management.
Banks and financials kept the local bourse in the black‚ while retail stocks came under mild selling pressure for the third straight session‚ amid slowing domestic retail sales.
Leading European stock markets were generally higher‚ with London’s FTSE 100 up 0.21% at noon.
Among individual stocks on the JSE‚ Lonmin (LON) gave up 1.53% to R45‚ AngloGold Ashanti (ANG) fell 2.23% to R226.05 and Harmony Gold (HAR) slipped 1.67% to R58.40.
Kumba Iron Ore (KIO) fell 4.43% to R513.26.
Among industrials‚ luxury goods maker Richemont (CFR) was up 1.52% to R78‚ a fresh record high‚ driven in part by the weaker rand. Clothing retailer Foschini Group (TFG) fell 3.98% to R101.25
At 12:47‚ the JSE All Share [JSE:J203] index had edged up 0.08% to 40 910.58 points‚ off its intraday record high of 41 047.72. but gold and resource indices slipped 1.74% and 0.37%‚ respectively.
“The broader market is holding up well‚ save for the resource counters such as Kumba Iron Ore which is under pressure from a significant drop in global iron ore prices‚” said Francois Venter‚ equity dealer at Investec Asset Management.
Banks and financials kept the local bourse in the black‚ while retail stocks came under mild selling pressure for the third straight session‚ amid slowing domestic retail sales.
Leading European stock markets were generally higher‚ with London’s FTSE 100 up 0.21% at noon.
Among individual stocks on the JSE‚ Lonmin (LON) gave up 1.53% to R45‚ AngloGold Ashanti (ANG) fell 2.23% to R226.05 and Harmony Gold (HAR) slipped 1.67% to R58.40.
Kumba Iron Ore (KIO) fell 4.43% to R513.26.
Among industrials‚ luxury goods maker Richemont (CFR) was up 1.52% to R78‚ a fresh record high‚ driven in part by the weaker rand. Clothing retailer Foschini Group (TFG) fell 3.98% to R101.25
