Fin24

JSE down on continued unrest

2012-11-16 13:45

Johannesburg - The JSE was firmly in the red at noon on Friday as continued unrest in the South African farming and mining sectors weighed on local markets.

“We are still in the red today‚ as traders are still concerned about the ongoing strikes and economic data from the EU‚ which suggests the EU is in its second recession in three years. The rand weakness also played a factor in the market’s weakness‚” said Kuziva Muganiwa‚ a global markets analyst from Vunani Capital.

At 12:00‚ the All Share [JSE:J203] index was 0.59% lower at 36 807.89 points‚ with gold miners losing 1.01%‚ while the platinum index added 1.99%.

“All other of the factors which have put SA and global markets under pressure have still remained. We had some relief from the bond auction‚ but we will continue to get unfavourable support if the current conditions continue‚” Muganiwa said.