Money SA economy
Bucking the global trend, the JSE was marginally firmer on Wednesday, bolstered by stronger resources amid speculation that Australia may have second thoughts about the imposition of a mining royalty tax.
The speculation comes in the wake of reports that opposition against the proposed 40% tax on the so-called "super profits" of Australian mining companies is gathering momentum.
Elsewhere on Wednesday, world markets were down as concerns about further possible fallout from the Greek debt crisis continued to weigh.
By 12pm the JSE all share index was 0.18% firmer with resources up 0.72%. Platinum miners however were down 1.06%, but gold miners were up 0.44%. Banks dropped 0.48%, financials shipped 0.21%, and industrials were 0.22% softer. Gold was quoted at $1,170.94/oz from $1,173.78/oz at the JSE's last close. Platinum was at $1,677/oz from $1,687/oz at the JSE's last close.
"The local market is firmer on the back of speculation that Australia might shelve the idea of a mining tax owing to mounting opposition because it won't be good for the economy. But the market remains very volatile and very mixed," a local equities trader said.
Dow Jones Newswires reported that European stocks fell Wednesday, along with the euro, as fears of contagion into the peripheral European sovereign debt markets once more worried investors.
Several Asian markets fell sharply Wednesday on heightened risk aversion amid deepening concerns over Europe's fiscal health, with commodity stocks and financials hurting the most.
US stocks are called to open slightly lower, as European stocks remain under pressure and Europe's sovereign debt problems remain in focus.
On the JSE, Anglo gained 89 cents to R301.99 while BHP Billiton added R5.53 or 2.59% to R219.36. Sasol however slipped R1.20 to R295.30.
