Money SA economy
The JSE remains in the red at midday on Wednesday, but was off its morning lows. A local trader said the market was following the global equity markets in the absence of the economic data locally or internationally.
By 12.02pm the JSE all share index had fallen 0.28%, with resources down 0.97%, platinum miners off 0.62% and gold miners 1.01% lower. Banks added 0.28%, financials were up 0.21% and industrials were 0.14% firmer. Gold was quoted at $1 221.53/oz from $1 226.58/oz at the JSE's previous close, while platinum was at $1 547/oz from $1 554/oz at the JSE's last close.
"The JSE is tracking global stock markets lower, with the European markets generally lower, weighed down by the BP oil leak debacle. The Asian markets also came off today," said a local equities trader.
Dow Jones Newswires reports that European markets remained weak around midday, with the Euro Stoxx trading down 1.25% at 2,573.89, posting a second straight day of losses as Wall Street's selloff Tuesday allied with the start of a criminal probe against BP have combined to give investors few reasons to buy stocks, said City Index.
Asian stock markets were mixed on Wednesday, with a brief climb in the Japanese market giving way to a decline after traders had time to digest the resignation of the country's Prime Minister.
US stocks are tipped to open higher on Wednesday as traders look to build positions following Tuesday's selloff, although sentiment remains cautious.
On the JSE, Anglo dropped R3.74 or 1.26% to R294.10 and BHP Billiton shed R2.50 or 1.18% to R208.90. Sasol lost 98c to R275.27.
