JSE opens slightly lower on Asia

Johannesburg - The JSE was slightly lower in early trade on Wednesday having taken direction from Asian markets which lost momentum in the wake of concerning consumer confidence data in the US, a local trader said.

At 09:28 the JSE all share index had weakened 0.33%, with resources easing 0.26%, but platinum and gold counters were flat, up 0.07% and 0.09% respectively.

Banks declined 0.85%, financials gave up 0.57% and industrials were off 0.31%.

The rand was bid at R7.67 to the dollar from R7.65 when the JSE closed on Tuesday. Gold was quoted at $1 039.90 a troy ounce from $1 036.65/oz just before the JSE's last close, and platinum was at $1 321.50/oz, from $1 309.50/oz at its previous close.

"We have opened slightly lower this morning. Sentiment is still weak after the weak consumer data out of the US. The data is concerning and that led international markets lower. Asia was down this morning and we followed," the trader said.

"The gold index is slightly higher. Maybe the weak rand is helping those stocks. Also, they had a big sell off yesterday and we are seeing some buying coming in now.

"I think we might trade lower for the day, the market is high at these levels and we have been waiting for some kind of sell off. We have local CPI later on and there is also some data in the US this afternoon," she said.

"We are likely to trade lower for the day unless the US can lift us later," she added.

- I-Net Bridge