Money SA economy
The JSE was firmly in the red on Tuesday in line with global markets, amid growing tensions between North and South Korea, concerns over the state of the euro and continued fiscal woes in Europe.
A local trader noted that the JSE did not react to better than expected gross domestic product (GDP) data. The GDP at market prices on a quarter-on-quarter (q/q) seasonally adjusted annualised (saa) basis rose by 4.6% in the first quarter of 2010 from 3.2% in the fourth quarter of 2009, Statistics South Africa (Stats SA) data showed.
By 12pm the JSE all share index was 2.83% weaker, with resources 2.84% worse off and platinum miners 3.58% lower. Gold miners declined 0.22%. Banks wavered 3.59%, financials lost 2.87% and industrials were 2.81% softer. Gold was quoted at $1 189.45/oz from $1 187.72/oz at the JSE's last close. Platinum was at $1 490.70/oz from $1 529/oz at the JSE's last close.
Dow Jones Newswires reported that US stocks are expected to start significantly lower Tuesday, continuing the sell-off seen in the previous session.
European stocks fell deeper into negative territory.
In Asia Tuesday, stock markets traded sharply lower, with South Korean shares selling off amid political tensions on the Korean peninsula.
By noon on the JSE, Anglo dropped R9.42 or 3.3% to R276, while BHP Billiton shed R7.35 or 3.57% to R198.25. Sasol declined R6.14 or 2.23% to R268.90.
