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Gold stocks weigh on JSE

Johannesburg — Trading remained weaker on the JSE at noon‚ with gold shares leading the mild pullback after the all-share index lifted to a fresh record on Friday.

At 12:29‚ the all share index was down 0.32% at 37 984.31 points‚ with the top 40 index slipping 0.38% to 33 745.03. Gold stocks led the downside‚ dropping 2.41%.

“The market climate is still looking positive overall. The consolidation is not unexpected after a good run last week‚” said Ian Cruickshanks‚ independent analyst.

Last month‚ the all share index gained more than 2%‚ led by industrials.

“The backdrop for commodity-based stocks‚ however‚ remains positive following the uptick in the Chinese manufacturing data although we still need to see a firmer trend‚” said Devin Shutte‚ a trader at stockbrokerage‚ Newstrading.

China’s official purchasing managers index rose to a seven-month high of 50.6 in November‚ up from 50.2 in October.

Leading European markets were slightly higher at noon‚ with UK’s FTSE 100 up 0.23%.

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Rand - Dollar
18.92
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.45
+0.1%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.1%
Platinum
911.00
+1.6%
Palladium
1,008.15
+0.6%
Gold
2,222.89
+1.3%
Silver
24.90
+1.0%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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