Share

JSE opens in the red

Johannesburg - The JSE failed to capitalise on the previous day's strength, opening lower on Wednesday as investors struggled to find reasons to bid up prices.

"I think the rally was overdone yesterday," said a trader, referring to when the JSE all-share index jumped 1.12%.

By 09:25 local time on Wednesday, the JSE All Share [JSE:J203] index was down 0.29%, with resources falling 0.52%. Platinum miners and gold miners were both flat. Industrials shed 0.20%, banks dropped 0.14% and financials were 0.10% lower.

The rand was last bid at R6.69 to the dollar from R6.73 at the JSE's close on Tuesday. Gold was quoted at $1 546.60 a troy ounce from $1 546.25/oz at the JSE's previous close, while platinum was at $1 750.00/oz, from $1 745.70/oz previously.

The trader said there was no reason to support continued strength, with the rand stronger and the gold price little changed.

Dow Jones Newswires reported that Asian stock markets were mostly higher on Wednesday, with the Sydney market hitting a five-session high amid global investor optimism that a resolution to Greece's debt crisis was near at hand.

Japan's Nikkei Stock Average rose 1.8%, South Korea's Kospi Composite was 0.8% higher and Hong Kong's Hang Seng Index gained 0.5%. But the Shanghai Composite Index was down 0.1%.

Dow Jones Industrial Average futures were down 10 points in screen trade.

Wall Street's sharp rise on Tuesday and news that Greek Prime Minister George Papandreou had survived a crucial confidence vote in Parliament supported regional sentiment.

The positive result for Papandreou raised expectations that the Greek parliament would pass fresh budget cuts by the end of the month, which European Union officials are insisting as a condition of granting further aid to the debt-stricken country. 

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.02
-0.6%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.52
-0.3%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.40
+0.4%
Palladium
998.40
-0.3%
Gold
2,211.77
+0.8%
Silver
24.64
-0.0%
Brent Crude
86.09
-0.2%
Top 40
68,114
+0.6%
All Share
74,310
+0.5%
Resource 10
56,946
+2.3%
Industrial 25
103,653
+0.4%
Financial 15
16,467
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders