Share

JSE dives as Wall Street weakens

Johannesburg - The JSE ended firmly in the red on Tuesday tracking negative global sentiment led by the Dow, amid fears about
the pace of global growth.

The local bourse declined throughout the course of the day, accelerating on the opening bell on Wall Street.

A local trader however, pointed to very thin volumes.

At its close, the JSE all share index had shed 2.17% with resources 3.09% down. Platinum miners shipped 2.95%, while gold miners declined 1.64%. Banks fell 0.65%, financials wavered 1.03% and industrials were 1.79% in negative territory.

The rand was bid at R7.62 to the dollar, from R7.54 at the JSE's last close. Gold was quoted at $1 234.90 a troy ounce from at $1 247.59/oz at the JSE's previous close, while platinum was at $1 543.50/oz from $1 571.00/oz at the JSE's last close.

A local trader said that the JSE's losses accelerated at the US opening, having receded steadily throughout the course of the day. "Volumes however, are similar to those seen at the opening of the World Cup," he said.

Dow Jones Newswires reported that fears about the pace of global growth hit financial markets hard on Tuesday, with stocks sliding and investors stampeding into the safety of the dollar and US government bonds.

Concerns about eurozone sovereign debt were once again partly driving the weaker sentiment, as the European Central Bank scrambled to reassure markets that Thursday's expiration of a €442bn bank-lending programme won't destabilise the financial system.

Markets also were spooked by the prospect of a slowdown in China as a surprise revision to a leading indicator contributed to a sharp fall in Chinese equities. They were knocked even weaker by a dismal reading of US consumer confidence.

The Conference Board, a private research group, said its index of consumer confidence for June dropped to 52.9 compared with the 62.7 seen in May, a figure that was revised down from a previously reported 63.3.

  - I-Net Bridge

 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.3%
Rand - Pound
23.95
-0.3%
Rand - Euro
20.49
-0.1%
Rand - Aus dollar
12.37
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
907.94
+1.2%
Palladium
1,014.30
+1.3%
Gold
2,213.20
+0.8%
Silver
24.81
+0.7%
Brent Crude
86.09
-0.2%
Top 40
68,312
+0.9%
All Share
74,502
+0.8%
Resource 10
57,145
+2.7%
Industrial 25
103,988
+0.7%
Financial 15
16,481
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders