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Johannesburg - The JSE stayed slightly weaker at noon on Friday as the tsunami and earthquake in Japan added to a barrage of bad news spooking investors.
An equity strategist said there was capital outflow as foreign investors sold local bonds and equities, prompting the rand to weaken.
The market was keeping a close eye on the political developments in Libya and Saudi Arabia, raising concerns about oil supply and the high price of crude oil, the equity strategist said.
By 12:00 local time, the JSE all-share index was down 0.26%, with resources falling 0.37%. But platinum miners rose 0.40% and gold counters gained 0.20%. Industrials shed 0.15%, banks lost 0.23% and financials were off 0.28%.
The rand was bid at 6.93 to the dollar from 6.90 at the JSE's close on Thursday. Gold was quoted at US$1 410.88 a troy ounce from US$1 412.13/oz at the JSE's previous close, while platinum was at $1 765.00/oz from $1 771.00/oz before.
"The earthquake is big news and it is not helping things," the equity strategist said.
He also said the market lacked direction. "I expect today to be the day of consolidation," he added.
Dow Jones Newswires reported that European stocks slid on Friday, led lower by a slump in insurance stocks after the devastating earthquake and tsunami hit Japan, hurting the sector considerably.
The Stoxx Europe 600 insurance index fell 1.8% and the FTSE 350 non-life insurance index declined 1.6%. Insurance stocks have been battered of late due to catastrophic natural disasters around the world, including the earthquake in Christchurch, New Zealand.
"It is way too early to assess damage, but following on from the recent Christchurch earthquake in the first quarter of 2011, this is, firstly, likely to hit the Lloyd's insurers and, secondly, further eat into the 2011 catastrophe programmes and reserves within the companies," said Eamonn Flanagan, analyst at Shore Capital.
The decline in Japan's Nikkei Stock Average escalated towards the end of the Asian session, with the index finally ending down 1.7% at 10 254.43.
An equity strategist said there was capital outflow as foreign investors sold local bonds and equities, prompting the rand to weaken.
The market was keeping a close eye on the political developments in Libya and Saudi Arabia, raising concerns about oil supply and the high price of crude oil, the equity strategist said.
By 12:00 local time, the JSE all-share index was down 0.26%, with resources falling 0.37%. But platinum miners rose 0.40% and gold counters gained 0.20%. Industrials shed 0.15%, banks lost 0.23% and financials were off 0.28%.
The rand was bid at 6.93 to the dollar from 6.90 at the JSE's close on Thursday. Gold was quoted at US$1 410.88 a troy ounce from US$1 412.13/oz at the JSE's previous close, while platinum was at $1 765.00/oz from $1 771.00/oz before.
"The earthquake is big news and it is not helping things," the equity strategist said.
He also said the market lacked direction. "I expect today to be the day of consolidation," he added.
Dow Jones Newswires reported that European stocks slid on Friday, led lower by a slump in insurance stocks after the devastating earthquake and tsunami hit Japan, hurting the sector considerably.
The Stoxx Europe 600 insurance index fell 1.8% and the FTSE 350 non-life insurance index declined 1.6%. Insurance stocks have been battered of late due to catastrophic natural disasters around the world, including the earthquake in Christchurch, New Zealand.
"It is way too early to assess damage, but following on from the recent Christchurch earthquake in the first quarter of 2011, this is, firstly, likely to hit the Lloyd's insurers and, secondly, further eat into the 2011 catastrophe programmes and reserves within the companies," said Eamonn Flanagan, analyst at Shore Capital.
The decline in Japan's Nikkei Stock Average escalated towards the end of the Asian session, with the index finally ending down 1.7% at 10 254.43.
