JSE flat as buyers return

Johannesburg - The JSE came off its earlier low levels and was flat by noon on Tuesday with buyers coming back into the market after positive GDP data, a trader said.

At 12:16 the JSE all share index was 0.22% weaker, led by resources losing 0.53%, gold producers giving up 1.22% and platinum counters declining 1.22%.

Banks and financials were flat, up 0.15% and 0.09% respectively, while industrials eased 0.09%.

The rand was bid at R7.47 to the dollar, from R7.47 when the JSE closed on Monday. Gold was quoted at $1 168.10 a troy ounce from $1 170.60 at the JSE's last close, and platinum was at $1 455/oz, from $1 452/oz at its previous close.

"We have moved flat, the market has picked up from its earlier lows. Everyone wanted to see the GDP data, which came out positive, moving the market again.

"Buying has come back in broadly. The mood in the market is still positive. Buying is moving in particularly in the banks and retail. There are a couple of stocks that are down, but those have seen a bit of a run in the last few days.

"Metals prices are still quite strong and the dollar has weakened a bit again since late last week," he said.

"The actual economic news out there, both locally and internationally, looks like there is some recovery out there.

"For the rest of the day, we will probably need some direction from overseas and at the moment Dow futures are slightly lower. But it's not too surprising, the market is performing really well," he added.

- I-Net Bridge