Profit taking sees shares drop into the red

The JSE ended in negative territory on Thursday as a result of some profit taking amid a volatile day of trade.

At its close, the JSE all share index was 0.48% lower with Platinum miners 1.05% softer and Gold miners dropped 0.70%. Resources added 0.17%. Banks were down 0.75%, financials lost 0.76% and industrials were 0.99% worse off. Gold was quoted at $1 238.41/oz from $1 237.31/oz at the JSE's last close. Platinum was at $1 734/oz from $1 732/oz at the JSE's last close.

A local equities trader said: "It has been a roller coaster ride today with trade extremely volatile, in line with recent global trade. The JSE opened slightly firmer this morning, but then drifted lower throughout the day. At one stage the bourse was down 200 points, but recovered some of those losses late on.”

Dow Jones Newswires reported that US stocks opened lower on Thursday as investors' high expectations for technology stocks ebbed and the dollar strengthened against the euro as sovereign debt concerns lingered. The Dow Jones Industrial Average dropped 42 points, or 0.4%, to 10852 in early trading.

On the JSE, Anglo added 130c to R301.80, and BHP Billiton grew R2.54 or 1.17% to R219.32. Sasol lost 77c to R285.22.