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JSE drops on profit taking

The JSE closed in the red on Wednesday amid some profit taking, following Tuesday's rally.

A local trader also pointed to a soft start on the Dow in the US.

At 5pm, the JSE all share index was down 0.35%, with resources giving up 0.91%, but gold miners eked out 0.16% and platinum miners added 1.88%.

Banks were flat, with financials 0.20% firmer, but the industrial index declined a fraction.

Gold was quoted at $1,144.68/oz from $1,137.53/oz at the JSE's last close. Platinum was at $1,714.50/oz from $1,707/oz at the JSE's last close.

 

A local trader said: "Stocks declined today amid some profit taking following a good run of late. Commodity prices were boosted by strong metal prices, but were also negated somewhat by a firm rand. There is very little data out to provide direction, and in the US, the Dow is also lower."

Dow Jones Newswires reported US stocks wallowed Wednesday, as investors grew wary of the market's recent highs and braced for upcoming earnings that could disappoint expectations.

On the JSE, Anglo American was R3.33 or 1.01% lower at R327.96 and BHP Billiton shed R7.16 or 2.77% at R251.35.  Sasol added 50 cents to R311.50.

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