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Johannesburg - Uncertainty returned to the JSE on Monday as the threat of war in the Ukraine and bad news on the economic front in China weighed heavily on investor sentiment towards emerging market assets.
The JSE followed the Asian markets lower this morning as events around Ukraine have resulted in an increase in global risk aversion over the weekend," Rand Merchant Bank said in a note.
By midday, all the major indices were down more than half a percent, except the gold index which was supported by a spike in the gold price supported by political uncertainty in Eastern Europe.
The all share index traded 333.32 points lower at 46 996 and the Top 40 index was down 325.06 points to 42 447. The resources index (-0.76%), industrial index (-0.76%) and financial 15 index (-0.74) were all lower.
The gold mining index added 51 points after the gold price increased with almost $16 to $1 342 per ounce. Imara SP Reid said in its daily market snapshot that the gold price was higher due to the heightened international tension due to the recent crisis in Ukraine.
Gold mining shares were also supported by the weaker rand, which also weakened this morning in response to the changing sentiment towards emerging markets.
The weaker official purchasing managers index (PMI) data from China also dampened sentiment.
Imara SP Reid said the manufacturing PMI figure of 48.5 was largely in line with expectations, but the number was disappointing as it indicated a lack of outright vigour.
The non-manufacturing PMI data was recorded at 55.0 which represent a marginal improvement.
The markets are also under pressure from trade figures released on Friday that showed a deficit of R17.06bn in January, surprising economists after a R2.78bn surplus in December.
The wider-than-expected deficit puts the focus back on to South Africa's current account, which has deteriorated in the past year.
Among the gold shares‚ Harmony [JSE:HAR] gained 4.73% to R36.13 and AngloGold Ashanti [JSE:ANG] was up 4.38% to R198.90.
BHP Billiton [JSE:BHP] led the losers among resources‚ trading 1.98% down at R336.19‚ with Anglo American [JSE:AGL] losing 0.63% to R270.76.
Naspers [JSE:NPN] lost 3.33% to R1 255.50.
Old Mutual [JSE:OML] was down 0.68% at R34.97 as a weaker rand flattened old Mutual’s profits for the year to December‚ according to results released on Friday.
The JSE followed the Asian markets lower this morning as events around Ukraine have resulted in an increase in global risk aversion over the weekend," Rand Merchant Bank said in a note.
By midday, all the major indices were down more than half a percent, except the gold index which was supported by a spike in the gold price supported by political uncertainty in Eastern Europe.
The all share index traded 333.32 points lower at 46 996 and the Top 40 index was down 325.06 points to 42 447. The resources index (-0.76%), industrial index (-0.76%) and financial 15 index (-0.74) were all lower.
The gold mining index added 51 points after the gold price increased with almost $16 to $1 342 per ounce. Imara SP Reid said in its daily market snapshot that the gold price was higher due to the heightened international tension due to the recent crisis in Ukraine.
Gold mining shares were also supported by the weaker rand, which also weakened this morning in response to the changing sentiment towards emerging markets.
The weaker official purchasing managers index (PMI) data from China also dampened sentiment.
Imara SP Reid said the manufacturing PMI figure of 48.5 was largely in line with expectations, but the number was disappointing as it indicated a lack of outright vigour.
The non-manufacturing PMI data was recorded at 55.0 which represent a marginal improvement.
The markets are also under pressure from trade figures released on Friday that showed a deficit of R17.06bn in January, surprising economists after a R2.78bn surplus in December.
The wider-than-expected deficit puts the focus back on to South Africa's current account, which has deteriorated in the past year.
Among the gold shares‚ Harmony [JSE:HAR] gained 4.73% to R36.13 and AngloGold Ashanti [JSE:ANG] was up 4.38% to R198.90.
BHP Billiton [JSE:BHP] led the losers among resources‚ trading 1.98% down at R336.19‚ with Anglo American [JSE:AGL] losing 0.63% to R270.76.
Naspers [JSE:NPN] lost 3.33% to R1 255.50.
Old Mutual [JSE:OML] was down 0.68% at R34.97 as a weaker rand flattened old Mutual’s profits for the year to December‚ according to results released on Friday.
