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At 12:01 local time the JSE all share index had lost 0.06%, with resources up 0.27%, platinum miners down 0.16% and gold miners 0.12% lower. Banks moved 0.48% lower, financials edged down 0.37%, and industrials fell 0.27%.
The rand was bid at R7.59 to the dollar from R7.65 at the JSE's close on Friday. Gold was quoted at $1 255.99 a troy ounce from at $1 254.03/oz at the JSE's previous close, while platinum was at $1 586.50/oz from $1 564.50/oz at the JSE's last close.
Kelvin
Algeo, portfolio manager at Imara SP Reid, said there was no specific sector on
the JSE that was a feature.
"We have a lot of economic data out this week," Algeo said, noting that investors are waiting for these figures to gain insight into the health of the global economy. The main focus will be on the US June jobs, which is due for release on Friday.
Algeo
said investors around the world were concerned about a possible double-dip
recession in the US.
A local trader said trading volumes were light, indicating that the market lacked direction. He said there wasn't anything dramatic about what came out of the G-20 meeting at the weekend, with the market generally ignoring the G20 communique.
Dow Jones Newswires reported that Asian stock markets ended mixed in cautious trade as investors digested the weekend communique from the G20 nations.
"The G20 targets (to cut fiscal deficits) are quite aggressive. I think the real concern is can the US really bring its budget deficit under control in three years," said Andrew Sullivan, a sales trader at Main First Securities.
"This is certainly a big week in terms of macro data from the US and a lot of investors are sitting on the sidelines."
The Nikkei Stock Average fell 0.4% in Tokyo, China's Shanghai Composite Index gave up 0.7% and Hong Kong's Hang Seng Index climbed 0.2%.
European stock markets erased their opening gains, but then rallied despite worries about global growth, according to the Dow Jones Newswires reports.
The markets were underwhelmed by the weekend's G20 meeting, said Ian Williams, strategist at Altium Securities, adding that the generalities stemming from the debate about deficit reduction versus growth promotion look like a typical compromise.
"After last week's shakeout, investors facing a quarter ending on Wednesday and a potentially dangerous US labour-market release on Friday are likely to tread carefully," said Williams, adding that it is becoming difficult to argue that equity indexes remain in a primary uptrend.
Also economic data this week are unlikely to relieve growth concerns, with eurozone, US and UK consumer and manufacturing confidence indicators likely to post broad-based declines due to a host of factors, said Credit Agricole.
"The data will further indicate a slowing in growth momentum following second quarter 2010, with forward-looking surveys turning lower, albeit gradually," it said.
- I-Net Bridge
