Money SA economy
The JSE was flat in volatile trade noon trade on Thursday as concerns lingered over possible contagion from the European debt crisis.
Overnight the Dow Jones industrial average was down 58.6 points and Asian markets ended sharply lower too. But European markets were generally firmer in noon trade.
By 12:00 the JSE all share index was flat (+0.09%), with resources down 0.22%, platinum miners 0.71% lower and gold miners 0.96% weaker. However, banks were up 1.08% and financial were 0.44% stronger, with industrials up 0.23%. Gold was quoted at $1 178.78 a troy ounce from $1 172.29/oz at the JSE's last close. Platinum was at $1 676.50/oz from $1 650/oz at the JSE's last close.
"The market is very volatile and extremely difficult to call at the moment. However, we've seen a turnaround in some sectors that were oversold and I suspect that some bargain hunters are now coming into the market as some of the stocks are at levels that are starting to look attractive," a local equities trader said.
Dow Jones Newswires reported that European stock markets have been relatively calm on Thursday, with gains in the basic resources sector helping to offset weakness in financial services stocks.
"The crisis is now spreading to other so-called peripheral countries. Portugal is leading the way but sovereign spreads have significantly widened in Spain, Ireland and Italy, highlighting the risks of an indiscriminate contagion effect," said BNP Paribas.
