Money SA economy
The JSE was lower in midday trade on Tuesday in line with global markets as concerns about the state of the global economy continue to weigh.
By 12pm the JSE all share index down 0.45%, with resources 1.15% lower and platinum miners weakening 1.2%. Gold miners however managed to find 1.65%. Banks were flat (0.03%) with financials off 0.24%. Industrials were also flat at 0.09%.
Gold was quoted at $1 186.49/oz from $1 182.74/oz at the JSE's last close. Platinum was at $1 718/oz from $1 723.50/oz at the JSE's last close.
"I think the major thing affecting the market at the moment is that the Chinese have started pulling down the economy. The Chinese economy is cooling down. Another factor still affecting the local market is the mining tax that Australia is planning to introduce which has affected BHP Billiton's share price negatively and is weighing on the resources sector," a local equities trader said.
Dow Jones Newswires reported that European stocks were slightly lower Tuesday, taking their lead from a downbeat Asian session, with basic resources leading the decline.
Asian markets ended mostly lower Tuesday, with Chinese stocks slumping to their lowest level in nearly seven months as trading resumed for the first time after the central bank raised banks' reserve requirements.
Meanwhile, US stocks are expected to start lower Tuesday, cooling a little after the rally in the previous session, says David Morrison at GFT.
On the JSE, Anglo slipped R6 or 1.89% to R312 while BHP Billiton fell R4.20 or 1.88% to 219.80. Sasol was R1.48 weaker at R300.72.
