JSE off best levels, eyes US

Johannesburg - The JSE came off its earlier best levels, but remained in the black by noon on Monday in what a trader said was a directionless session with the bourse eyeing the US for direction.

At 12:05 the JSE all share index had edged up 0.25%, with resources collecting 0.26% and gold miners flat, up 0.08%, but platinum producers weakened 0.57%.

Banks were off 0.35%, financials were flat, up 0.03%, and industrials moved 0.36% higher.

The rand was bid at 7.38 to the dollar, from 7.46 when the JSE closed on Friday. Gold was quoted at $1 166.70 a troy ounce from $1 163.85/oz at the JSE's last close, and platinum was at $1 440.50/oz, from $1 436.50/oz the bourse's previous close.

"We have come off our earlier best levels, it seems the market is not sure where to go. We have come back from Friday's sell off and resources are holding us up," the trader said.

"It's directionless at the moment. Dow futures were up earlier but they have come off and are now unchanged. The rand is strong, but it's not helping the rand hedges. It's more a weak dollar than a strong rand though," she said.

Dow Jones newswires reported that the FTSE 100 edged further into negative territory after the Bank of England released its consumer and mortgage lending data. The data looked mixed, with consumer credit at its lowest level since records began in 1993, while net mortgage lending is up a tad from the month before. However, attention remains on the $80bn Dubai debt restructuring, and the ensuing volatility in the asset markets and emerging markets. Consequently, the banks are lower as concerns prevail, with Royal Bank of Scotland -4.3% and Lloyds Banking Group -3.9%.

The FTSE 100 was last down 0.82%.

- I-Net Bridge