Money SA economy
The JSE opened firmly in red territory this morning, tracking negative sentiment on global markets amid continued concerns over the financial stability of the euro zone.
By 9.17am the JSE all share index fell 0.74%, with resources down 1.31%, and platinum miners gave up 0.95%. Gold miners lost 1.04%. Banks were flat, down 0.04%, financials weakened 0.13%, and industrials were 0.33% lower. Gold was quoted at $1 2222.86/oz from $1 226.58/oz at the JSE's previous close. Platinum was at $1 545/oz from $1 554/oz at the JSE's last close.
A local equity trader said: "It's a case of tracking global sentiment, with Wall Street closing lower overnight, which then trickled through into Asia."
European stocks started sharply lower on Wednesday, following declines in Asia and on Wall Street, as doubts about the stability of the euro zone continue, according to Dow Jones Newswires.
During the European trading session, it is likely that BP will remain in focus after its shares came under pressure on Tuesday following the company's failed attempt to stop oil leaking from its ruptured well. Tuesday's selloff saw $18 billion knocked off BP's market value.
Asian stock markets were mostly lower Wednesday too, with the Japanese market volatile after the country's prime minister announced his resignation.
