JSE awaits global direction

Johannesburg - The JSE was flat in opening trade on Tuesday awaiting direction from US and UK markets as they play catch-up after having been closed on Monday for a public holiday.

A trader noted gold counters were under some pressure and were weighing on the local bourse.

By 09:15, the JSE all share index was flat, up 0.37%, with resources edging up 0.60%. However, gold miners were down 1.29% and platinum counters eased 0.34%. Banks were up 0.68%, financials collected 0.54% and industrials were flat, up 0.02%.

The rand was last bid at R8.32 to the dollar from R8.28 when the JSE closed on Monday. Gold was quoted at $952.47/oz a troy ounce from $956.75/oz at the JSE's last close, and platinum was at $1 140/oz, from $1 135/oz at its previous close.

"We are flat at the moment. Everyone is just waiting for the US to get back online and the UK as well. Things are a little slow as they are playing catch-up after being closed yesterday," the trader said.

"Gold stocks are weighing on our market at the moment. Financials were down yesterday and today they are recovering slightly.

"It's going to be a relatively quiet day with markets consolidating around current levels. Everyone is also watching the S&P and this 875 level. If it moves below that we are likely to see profit taking settling in," he said.

Dow Jones Newswires reports that Asian share markets were mixed on Tuesday after the US holiday, with financial stocks down in Seoul and Sydney but higher in Tokyo, and Hong Kong property stocks finding some buyers.

Japan's Nikkei ended down 0.4% while Hong Kong's Hang Seng had last edged up 0.1%.

- I-Net Bridge