Money SA economy
The JSE was over 1% weaker in opening trade on Wednesday in line with global markets after shares on Wall Street dropped overnight on Germany's decision to ban naked short selling in certain financial instruments.
By 9.40am the JSE all share index was down 1.26%, with resources 1.72% weaker, platinum miners off 1.89% and gold miners 1.15% lower. Banks were 1.13% weaker, financials were down 1.14% and industrials were off 0.87%. Gold was quoted at $1 215.07/oz from $1 247.65/oz at the JSE's last close. Platinum was at $1 652/oz from $1 685.50/oz at the JSE's last close.
Local traders said the JSE was following global markets which were down sharply.
Dow Jones Newswires reports that Asian markets were broadly lower Wednesday after shares on Wall Street dropped on Tuesday on Germany's decision to ban naked short selling in certain financial instruments.
Investors were taking cover after Germany's move surprised markets.
US stocks fell broadly Tuesday, with American Express, Boeing and Intel among the decliners as jitters intensified over Europe's ability to control a debt crisis.
European stocks are expected to open sharply lower Wednesday, alongside a tumbling euro and sliding core European government bond yields, as investors worry that Germany's ban on the naked short selling of certain euro-zone debt instruments and credit default swaps, as well as some financial stocks, could hurt the global economy.
On the JSE, Anglo was R3.65 or 1.26% weaker at R285.40, while BHP Billiton lost R5.24 or 2.48% to R206.26. Sasol was down R3.97 or 1.39% to R281.03.
