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Johannesburg - The JSE finished lower on Wednesday, dragged down by heavy-weight resources stocks, especially BHP Billiton [JSE:BIL]. The benchmark all-share index lost just over 280 points, with resource index dropping close to 2%.
"BHP Billiton, Anglo American JSE:AGL] and Sasol [JSE:SOL] pulled the entire benchmark index down," said Kevin Algeo, portfolio manager at Imara SP Reid.
At the close, the JSE all-share index was down 0.85%, with resources sliding 1.92% and platinum miners falling 0.98%. But gold counters were flat. Banks rose slightly 0.14% and financials gained 0.32%, but industrials lost 0.27%.
The rand was trading at 7.24 to the dollar from 7.27 at the JSE's close on Tuesday. Gold was quoted at US$1 370.70 a troy ounce from US$1 373.30/oz at the JSE's previous close, while platinum was at $1 826.50/oz from $1 840.50/oz before.
The strengthening rand, which moved from about 7.35 to nearly 7.27 against the dollar, also weighed on rand-hedge stocks, adding to the downward pressure, Algeo said.
Dow Jones Newswires reported that investors looked to end a two-day slide in the markets, pushing US stocks higher after a surprise jump in housing starts and an encouraging bundle of corporate earnings and takeovers.
The Dow Jones Industrial Average gained 32 points to 12 259 in early trading, while the Standard & Poor's 500-stock index added six points to 1 334 and the Nasdaq Composite advanced 13 points to 2 817.
The gains came after home construction in the US rose to the highest level since September last month, offering a surprisingly strong picture of the battered sector.
Construction of homes and apartments rose 14.6% in January from a month earlier to a seasonally adjusted annual rate of 596 000. New building permits, a gauge of future construction, fell to an annual rate of 562 000, which was stronger than expected.
"BHP Billiton, Anglo American JSE:AGL] and Sasol [JSE:SOL] pulled the entire benchmark index down," said Kevin Algeo, portfolio manager at Imara SP Reid.
At the close, the JSE all-share index was down 0.85%, with resources sliding 1.92% and platinum miners falling 0.98%. But gold counters were flat. Banks rose slightly 0.14% and financials gained 0.32%, but industrials lost 0.27%.
The rand was trading at 7.24 to the dollar from 7.27 at the JSE's close on Tuesday. Gold was quoted at US$1 370.70 a troy ounce from US$1 373.30/oz at the JSE's previous close, while platinum was at $1 826.50/oz from $1 840.50/oz before.
The strengthening rand, which moved from about 7.35 to nearly 7.27 against the dollar, also weighed on rand-hedge stocks, adding to the downward pressure, Algeo said.
Dow Jones Newswires reported that investors looked to end a two-day slide in the markets, pushing US stocks higher after a surprise jump in housing starts and an encouraging bundle of corporate earnings and takeovers.
The Dow Jones Industrial Average gained 32 points to 12 259 in early trading, while the Standard & Poor's 500-stock index added six points to 1 334 and the Nasdaq Composite advanced 13 points to 2 817.
The gains came after home construction in the US rose to the highest level since September last month, offering a surprisingly strong picture of the battered sector.
Construction of homes and apartments rose 14.6% in January from a month earlier to a seasonally adjusted annual rate of 596 000. New building permits, a gauge of future construction, fell to an annual rate of 562 000, which was stronger than expected.
