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JSE slips a fraction on consolidation

Jan 07 2013 14:50
I-Net Bridge
Johannesburg – The JSE slipped on Monday on consolidation following a strong start to the new year‚ boosted by the US fiscal cliff deal.

At 12:33‚ the All share [JSE:J203] index was 0.09% softer at 40 237.71 points‚ with the Top 40- (Tradeable) [JSE:J200] index dipping 0.18% to 35 713.16‚ while banks lifted 0.88%.

For the year to date‚ the All Share index is up 2.54%‚ led by industrials‚ up 2.52%.

“The US debt ceiling is the next dark cloud on the horizon after the US fiscal cliff deal‚” said Nicholas Sorour‚ portfolio manager at Sasfin Securities. ”The country is above its debt ceiling and needs to find a solution by the end of February‚ which will set a tone for global equities.”

Leading European shares were modestly weaker at noon‚ while their Asian counterparts ended mixed. London’s FTSE 100 was last seen down 0.27%.

On the JSE‚ Harmony Gold Mining (HAR) was the biggest loser among the resources sector‚ down 3.86% to R68.74 due to the continued closure of its Kusasalethu mine following labour unrest.

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equities  |  jse  |  markets

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