Fin24

JSE up a fraction‚ gold miners weigh

2012-11-27 18:19

Johannesburg — The JSE was a fraction higher on Tuesday in line with world markets with gold miners the worst performers on the bourse after the sector had a good run on Monday.

At 17:00‚ the All Share [JSE:J203] index was up 0.10% to 37 805.80 points‚ with the gold index giving back 1.41%.

European markets were higher with the UK’s FTSE 100 gaining 0.33% by 16:53 local time‚ while the US Dow Jones Index was trading flat (0.01%) at the same time.

“Not much happened in the market today with muted trade seen‚ very much in line with world markets. We saw local GDP growth come in at 1.2%‚ but a weak figure was expected‚ so the number did not really have an affect on the JSE. We have been following world markets for a while now‚” said Hennie Fourie‚ stockbroker at PSG Konsult in Pretoria.

SA's real gross domestic product rose by 1.2% in the third quarter from a revised 3.4% (3.2%) in the second quarter‚ Statistics SA data showed on Tuesday.

“We did open higher on the news of the Greek bailout‚ but investors forgot about that quickly and the main focus is on the looming US fiscal cliff‚ and markets will stay jittery and worried until a solution has been found to that issue‚” said Fourie.