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Johannesburg - The JSE ended weaker on Thursday, as selling pressure continued to drive equities lower around the world.
Commodity prices, especially precious metals, fell further, dragging mining stocks along, said Kevin Algeo, portfolio manager at Imara SP Reid.
There are fears that rising inflation and the prospect of higher interest rates could stall global economic growth.
By 17:00 local time, the JSE All Share [JSE:J203] index lost 0.86%, with platinum miners dropping 2.32%, gold miners falling 0.95% and resources slipping 1.38%. Banks lost 1.37%, industrials eased 0.33% and financials shed 0.95%.
The rand was bid at 6.72 to the dollar from 6.63 at the JSE's close on Wednesday. Gold was quoted at US$1 488.43 a troy ounce from US$1 525.51/oz at the JSE's previous close, while platinum was at $1 771.00/oz, from $1 823.50/oz previously.
Algeo said the European Central Bank had changed its tone and was likely to remain vigilant about inflation.
Dow Jones Newswires reported that US stocks fell on Thursday as disappointing weekly jobs data hurt sentiment a day ahead of the government's monthly jobs report.
The Dow Jones Industrial Average fell 66 points, or 0.5%, to 12 657.
The declines came after data showed new claims for jobless benefits unexpectedly surged by 43 000 last week to a seasonally adjusted 474 000, the highest level since August. Economists had expected a drop of 19 000.
"It reinforced the view of a painfully slow improvement in the labor market," said Joseph Tanious, vice president and market strategist for J.P. Morgan Asset Management.
Overseas, the euro plunged after the European Central Bank failed to express imminent concern about inflation and left interest rates unchanged.
Traders wondered if the common currency would continue to enjoy its interest-rate advantage over its rivals. In addition, German manufacturing orders also disappointed with an unexpected 4% drop.
Commodity prices, especially precious metals, fell further, dragging mining stocks along, said Kevin Algeo, portfolio manager at Imara SP Reid.
There are fears that rising inflation and the prospect of higher interest rates could stall global economic growth.
By 17:00 local time, the JSE All Share [JSE:J203] index lost 0.86%, with platinum miners dropping 2.32%, gold miners falling 0.95% and resources slipping 1.38%. Banks lost 1.37%, industrials eased 0.33% and financials shed 0.95%.
The rand was bid at 6.72 to the dollar from 6.63 at the JSE's close on Wednesday. Gold was quoted at US$1 488.43 a troy ounce from US$1 525.51/oz at the JSE's previous close, while platinum was at $1 771.00/oz, from $1 823.50/oz previously.
Algeo said the European Central Bank had changed its tone and was likely to remain vigilant about inflation.
Dow Jones Newswires reported that US stocks fell on Thursday as disappointing weekly jobs data hurt sentiment a day ahead of the government's monthly jobs report.
The Dow Jones Industrial Average fell 66 points, or 0.5%, to 12 657.
The declines came after data showed new claims for jobless benefits unexpectedly surged by 43 000 last week to a seasonally adjusted 474 000, the highest level since August. Economists had expected a drop of 19 000.
"It reinforced the view of a painfully slow improvement in the labor market," said Joseph Tanious, vice president and market strategist for J.P. Morgan Asset Management.
Overseas, the euro plunged after the European Central Bank failed to express imminent concern about inflation and left interest rates unchanged.
Traders wondered if the common currency would continue to enjoy its interest-rate advantage over its rivals. In addition, German manufacturing orders also disappointed with an unexpected 4% drop.
