Fin24

JSE softer on consolidation

2013-01-22 13:25

Johannesburg – The JSE came under pressure on Tuesday‚ leaving most constituent benchmarks in negative territory amid consolidation after a strong start to the year.

At 12:37‚ the All Share [JSE:J203] index was 0.62% lower at 39 741.43 points‚ with the Top 40 - (Tradeable) [JSE:J200] index shedding 0.70% to 35 316.46 while the bank and platinum indices lost 1.32% and 1.16% respectively.

“It is a healthy pullback after the big run-up in the second half of last year; some shares still look reasonably overextended‚ but the investment climate still looks positive in 2013‚” said Gerhard Lampen‚ head of Sanlam iTrade.

European shares were mixed at noon‚ with London’s FTSE 100 flat (0.02%).

German business confidence improved far more than expected in January‚ reaching a nearly three-year high‚ data from the Centre for European Economic Research showed‚ Dow Jones Newswires reported.

On the JSE‚ resources counter Anglo American (AGL) was down 1.79% to R264‚ platinum miner Lonmin (LON) dropped 2.20% to R46.70 and steel producer ArcelorMittal SA (ACL) gave up 1.44% to R36.86.

Investment group Remgro (REM) surrendered 2.18% to R162.99‚ Standard Bank (SBK) was down 1.48% to R117.50‚ rival Nedbank (NED) slipped 1.49% to R190.49 and RMB Holdings (RMH) dropped 2.35% to R43.70.