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JSE slips to December lows

Feb 27 2013 13:35 I-Net Bridge


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Johannesburg - The JSE slipped to its lowest level since December 31 on Wednesday amid broad-based selling‚ bucking the generally positive international market trend.

At 12:02 the All Share [JSE:J203] index was 1.10% weaker at 39 131.30 points‚ with the Top 40 - (Tradeable) [JSE:J200] index losing 1.20%.

Platinum and resources shed 2.01% and 1.39% respectively and banks lost 1.37%.

“It is very difficult to put a finger on the selling‚ with no fresh catalysts. It is probably (domestic) futures market-led selling. We had positive market signals from Asia and Europe‚ while the Dow futures point to a flat open on Wall Street‚” said Ryan Wibberley‚ equity dealer‚ Investec Asset Management.

Rand Merchant Bank said in a note that the focus today would be on Finance Minister Pravin Gordhan’s budget speech‚ which would most likely focus on infrastructure spending and job creation.

Leading European markets pared gains at noon‚ with London’s FTSE 100 up 0.09%.

On the JSE‚ global resources giant Anglo American (AGL) was down 1.93% to R257.30 and Impala Platinum (IMP) fell 2.69% to R138.50.

Steel producer ArcelorMittal SA (ACL) dropped 4.01% to R29.47.

British American Tobacco (BTI) was down 1.20% to R455.93 and Telkom (TKG) gave up 1.92% to R15.30.

Standard Bank (SBK) was down 1.44% to R115.47 and Investec plc (INP) lost 2.84% to R63.35.

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