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Johannesburg - The JSE continued in negative territory at midday in line with weaker global markets, which were affected by concerns over rising oil prices and the continuing Libyan political upheaval.
By 12:01 local time, the JSE all-share index was down 0.85%, with platinum miners falling 1.99% and resources giving up 0.88%. Financials fell 0.86%, while industrials shed 0.82% and banks were down 0.77%.
Gold counters bucked the negative trend and gained 0.90%.
The rand was bid at 6.97 to the dollar from 6.95 at the JSE's close on Tuesday. Gold was quoted at US$1 429.62 a troy ounce from US$1 422.61/oz at the JSE's previous close, while platinum was at $1 833/oz from $1 832.50/oz before.
A local trader said the rand was more or less at yesterday's levels and that oil and precious metals were slightly higher.
"The worst performing sector is general mining," the trader said.
Dow Jones Newswires reported that European stocks opened lower on Wednesday, following a poor close on Wall Street on Tuesday and a weak session overnight in Asia, prompted by a retreat from risky investments because of fresh concerns that a rising oil price will cut into global economic growth.
April Nymex crude oil futures remain close to the psychologically important $100 per barrel level, and the negative impact of that movement was compounded by comments by Federal Reserve chairman Ben Bernanke, who said an increase in the price of oil and other commodities could threaten both economic growth and overall price stability.
"The current source of concern is Saudi Arabia, where there are signs that the unrest that has affected other Middle Eastern and north African countries could affect the world's biggest oil producer," said Gavan Nolan, director of credit research at Markit.
By 09:10 GMT, the benchmark Stoxx Europe 600 index was 1.0% lower at 281.77. London's FTSE 100 index was 0.9% lower at 5 880.89, Frankfurt's DAX index was 1.1% weaker at 7 140.06, and Paris's CAC-40 index was down 1.1% to 4 022.40.
Little was due on the data front in Europe on Wednesday, but eyes would turn to the monthly ADP employment data for February in the US at 13:15 GMT, ahead of Friday's nonfarm payrolls release.
In Asia overnight, stock markets sold off after weakness in US stocks Tuesday and a rise in oil prices as the turmoil in Libya continued.
Japan's Nikkei Stock Average closed 2.4% lower, Australia's S&P/ASX 200 fell 0.5%, and South Korea's Kospi Composite shed 0.6%. Hong Kong's Hang Seng Index fell 1.5% and China's Shanghai Composite lost 0.2%.
By 12:01 local time, the JSE all-share index was down 0.85%, with platinum miners falling 1.99% and resources giving up 0.88%. Financials fell 0.86%, while industrials shed 0.82% and banks were down 0.77%.
Gold counters bucked the negative trend and gained 0.90%.
The rand was bid at 6.97 to the dollar from 6.95 at the JSE's close on Tuesday. Gold was quoted at US$1 429.62 a troy ounce from US$1 422.61/oz at the JSE's previous close, while platinum was at $1 833/oz from $1 832.50/oz before.
A local trader said the rand was more or less at yesterday's levels and that oil and precious metals were slightly higher.
"The worst performing sector is general mining," the trader said.
Dow Jones Newswires reported that European stocks opened lower on Wednesday, following a poor close on Wall Street on Tuesday and a weak session overnight in Asia, prompted by a retreat from risky investments because of fresh concerns that a rising oil price will cut into global economic growth.
April Nymex crude oil futures remain close to the psychologically important $100 per barrel level, and the negative impact of that movement was compounded by comments by Federal Reserve chairman Ben Bernanke, who said an increase in the price of oil and other commodities could threaten both economic growth and overall price stability.
"The current source of concern is Saudi Arabia, where there are signs that the unrest that has affected other Middle Eastern and north African countries could affect the world's biggest oil producer," said Gavan Nolan, director of credit research at Markit.
By 09:10 GMT, the benchmark Stoxx Europe 600 index was 1.0% lower at 281.77. London's FTSE 100 index was 0.9% lower at 5 880.89, Frankfurt's DAX index was 1.1% weaker at 7 140.06, and Paris's CAC-40 index was down 1.1% to 4 022.40.
Little was due on the data front in Europe on Wednesday, but eyes would turn to the monthly ADP employment data for February in the US at 13:15 GMT, ahead of Friday's nonfarm payrolls release.
In Asia overnight, stock markets sold off after weakness in US stocks Tuesday and a rise in oil prices as the turmoil in Libya continued.
Japan's Nikkei Stock Average closed 2.4% lower, Australia's S&P/ASX 200 fell 0.5%, and South Korea's Kospi Composite shed 0.6%. Hong Kong's Hang Seng Index fell 1.5% and China's Shanghai Composite lost 0.2%.
