Johannesburg - The resource sector kept the JSE recovery in check on Monday‚ as global growth slowdown concerns continued to hurt commodity prices.
At 12:40‚ the JSE All Share [JSE:J203] index was up 0.35% to 38 633.38 points‚ after tumbling more than 3% last week‚ dragged down in the main by resource shares.
The blue-chip Top 40 - (Tradeable) [JSE:J200] index gained 0.33% to 34 032.45 points‚ underpinned by industrial and banking stocks‚ up 0.99% and 1.04% respectively. Resources lost 1.03%.
“A modest bounce is on the go after last week’s selloff. There is‚ however‚ no respite for the resources as commodity prices continue to be under pressure on global growth slowdown fears‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management.
Leading European shares were modestly higher at noon‚ with London’s FTSE 100 gaining 0.23% while US stock futures pointed to a slightly higher open on Wall Street later in the day.
No major market moving economic releases are scheduled in the US on Monday.
On the JSE‚ BHP Billiton (BIL) was down 1.54% to R257.99 and Sasol (SOL) lost 1.24% to R389.98.
Northam Platinum (NHM) regained 3.06% to R36.05 after losing almost 7% on Friday.
Harmony Gold Mining (HAR) was down 2.22% to R54.94 and Assore (ASR) shed 2.98% to R276.55.
Luxury goods maker Richemont (CFR) lifted 1.40% to R70.29.