Money SA economy
The JSE remained in negative territory by midday in line with global markets, as investors begin to unpack the long-term considerations of the European rescue package.
However, the local bourse was faring better than some of the world bourses, thanks to gains by gold miners as bullion benefitted from its safe haven status.
By noon the JSE all share index was off 0.93%, with resources 1.74% softer and platinum miners 2.01% weaker. However, gold miners added 2.58%. Banks were up a marginal 0.13%, but financials shed 0.41% and industrials were 0.41% lower.
Gold was quoted at $1 209.04 a troy ounce from $1 200.17/oz at the JSE's last close. Platinum was at $1 685/oz from $1 692/oz before.
Traders said they were not surprised at the negative tone today, following Monday's mammoth gains.
The local market is in line with weaker Asian and European stocks as markets consider the long-term implications of the rescue package for Europe.
On the JSE, Anglo lost R8.63 or 2.83% to R296.05 while BHP Billiton shed R5.97 or 2.69% to R216.35. Sasol declined R3.80 or 1.33% to R281.90.
