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Johannesburg - South African stocks moved deeper into the red by noon on Wednesday with resources leading the falls amid
weaker global markets and dented sentiment on the back of troubling consumer confidence figures in the US.
At 12:08 the JSE all share index had lost 1.42%, with resources falling 1.97%, platinum producers off 1.11% and gold counters losing 1.01%.
Banks declined 1.73%, financials gave up 1.30% and industrials weakened 0.88%.
The rand was bid at R7.72 to the dollar from R7.65 when the JSE closed on Tuesday. Gold was quoted at $1 035.57 a troy ounce from $1 036.65/oz just before the JSE's last close, and platinum was at $1 314/oz, from $1 309.50/oz at its previous close.
"We are down quite a lot on the market. Consumer confidence out of the US really hit the market. The American consumer, who is the driver of the world, is under pressure," a local trader said.
"Locally we saw that as the market has gone up, overseas investors have been buying our stock and pushing the market up. Now they are selling and fleeing to the safe haven dollar.
"We've had a massive rally. I think we can still see some weakness, the question is for how long," he said.
"I'd still be cautious. For the day we are likely to move lower or sideways. Dow futures are down at the moment, we will have to see what the US does," he added.
- I-Net Bridge