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Miners push JSE to nearly two-week low

Feb 18 2013 13:40 I-Net Bridge

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Johannesburg - The JSE slipped to a 12-day intraday low on Monday‚ wiping off the month’s gains as a selloff in the general resources sector looked set to continue for the third straight session.

At 12:24‚ the All Share [JSE:J203] index was down 0.60% to 40 437.04 points‚ with the Top 40 - (Tradeable) [JSE:J200] index losing 0.63% to 36 013.85. The gold and platinum indices lost 1.51% and 1.20%‚ respectively‚ still under pressure from last week after the spot prices of both precious metals dropped more than 2%. Resources were down 1.08%.

“The JSE appears to be continuing consolidation‚ which began last week. Despite strong foreign participation in equity markets last week‚ the market appears to have moved into extended territory and hence the correction over the last week is a moderation within the current bull trend‚” said Mohammed Nalla‚ head of strategic research at Nedbank Capital.

Leading European shares were tentative at noon‚ with London’s FTSE 100 slipping 0.09%.

Among individual stocks on the local exchange‚ Anglo American (AGL) was down 1.19% to R277.17 and Impala Platinum (IMP) lost 1.75% to R148.35.

Gold Fields (GFI) dropped 2.33% to R83.40 and new comer Sibanye Gold (SGL) gave up 4.01% to R15.55‚ after surging 19% last week following its listing.

Standard Bank (SBK) was down 1.38% to R116.57 and African Bank Holdings (ABL) lost 2.65% to R30.09.

Murray & Roberts (MUR) bucked the trend‚ gaining 2.08% to R25.03

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