Fin24

JSE recovers a tad after selloff

2012-07-24 17:54

Johannesburg - The JSE share market ended firmer on Tuesday‚ generally outperforming leading world stock markets.

Mining shares‚ particularly gold‚ fared reasonably well in the light of the weaker rand‚ recovering from the previous day’s sharp losses‚ while industrials made healthy gains‚ led by chemicals and explosives company AECI.

“It could be that players viewed Monday’s sharp decline on the JSE as a buying opportunity‚” said Viv Govender‚ market watcher at Vunani Private Clients. “The eurozone concerns however‚ still kept gains in check.”

European shares remained weaker in late trade‚ as were US stocks.

Ratings agency Moody’s late on Monday revised its credit rating outlook on triple-A rated Germany‚ Netherlands and Luxembourg to negative from stable‚ citing increased uncertainty regarding the euro area’s prospects and a higher probability that Greece would leave the eurozone.

At 17:00‚ the All Share [JSE:J203] index ended up 0.54% to 33 998.45 points‚ while big movers in the session were BHP Billiton‚ which gained R2.94‚ or 1.27%‚ to R233.62; AngloGold Ashanti lifted R6.25‚ or 2.35%‚ to R271.75‚ Gold Fields rallied R2.74‚ or 2.72%‚ to R103.66 and Assore gained 8.50‚ or 3.07%‚ to R285.