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JSE stays weaker as miners weigh

Sep 11 2012 14:14 I-Net Bridge

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Johannesburg – JSE Ltd [JSE:JSE] share market remained on the back foot at noon‚ pressured mainly by the sell-off in platinum shares due to labour-related disputes in the industry.

Impala Platinum Holdings [JSE:IMP] confirmed on Tuesday it had received a wage demand from the interim workers committee at its Rustenburg mine.

Lonmin [JSE:LON] reported a 3% average worker attendance across all shafts this morning.

Meanwhile‚ the international event risk for global stock markets remains the German Constitutional Court decision on the legality of the European Stability Mechanism‚ due out on Wednesday and US Federal Reserve (Fed) policy meeting on Thursday.

“We are now witnessing a substantial pick up in market volatility. The recent calm has evolved into a storm‚ as we see significant moves greeting the resource and retail departments in particular‚” said Shaun Murison‚ market analyst at IG Markets SA.

“Price movements in excess of 3% and 4% a day are becoming abundant‚ as investors balance the recent European Central Bank stimulus news with the potential of quantitative easing from the Fed. Profit taking and questions over whether we are now experiencing some sector switching become relevant short term themes.”

At 1:20‚ the JSE all-share index was down 0.74% to 35 261.38 points‚ with the platinum index losing 3.84% and resources giving up 1.84%.

Among individual shares‚ Anglo American [JSE:AGL] shed 3.43% to R252.18‚ Impala Platinum was off 4.64% to 138.79‚ Northam Platinum [JSE:NHM] dropped 3.04% to R32.48 and Gold Fields [JSE:GFI] tumbled 3.99% to R101.77.

Among industrials‚ Richemont [JSE:CFR] was down 5.36% to R52.40.

Among financial services‚ African Bank Investments [JSE:ABL] shed 3.66% to R31.84.

Construction counter Pretoria Portland Cement [JSE:PPC] was off 2.49% to R27.05.
market  |  jse
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