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Johannesburg - Stocks were 454
points weaker by noon on Tuesday, led lower by resources and precious metal
stocks amid profit taking and consolidation after the market's recent big
runs.
At 12:01 the JSE all share index had lost 1.74%. Resources shed 2.19%,
and platinum and gold producers declined 1.05% and 2.27% respectively.
Banks gave up 1.76%, financials were down 1.23% and industrials weakened
1.49%.
The rand was bid at 7.92 to the dollar from 7.85 when the JSE closed on
Monday. Gold was quoted at $1 058.42 a troy ounce from $1 060.05 at the
JSE's last close, and platinum was at $1 333.50/oz, from $1 331/oz at
its previous close.
"We have been overdone, the market has had a very big run and it's been
overdue that we see profit taking," a trader said.
"There are still economic indicators out, especially in the US, but I
think all that has already been discounted and there is a feeling that
things have run very hard.
"There is foreign selling in our market. The selling is fairly broad
based. The gold shares are under pressure despite a steady price. The market
is tiring and it's consolidating. The dollar is recovering again. There is
profit taking, the markets have had big runs," he said.
"There are shares that are looking good. The share prices have been low
and they are starting to pick up," he added.
Dow Jones Newswire reported that the FTSE 100 was firmly in the red on
Tuesday, with risk aversion showing its face again, petering out overnight
as Asian equities fell, noted Lloyds Banking Group. The strengthening global
economy in 4Q, (following upbeat global manufacturing data on Monday) has
not led to a sustainable bid for risk, says Lloyds. "The price action most
likely reflects the negative sentiment that is building in equities and the
expectation that data may deteriorate over the coming quarters," it added.
Also, UK construction PMI index falls to 46.2 in October from 46.7 in
September, lower then consensus forecast of 47.2. "The improvement has not
materialised yet, and construction activity remains in contraction
territory," said Newedge Group.
- I-Net Bridge