Money SA economy
The JSE ended in negative territory on Tuesday after a volatile session as it tracked the waxing and waning fortunes of its global counterparts amid continued jitters over the European sovereign debt crisis.
The JSE all share index lost 0.66%, but resources were FLAT AT -0.04%. gold miners ended 0.93% higher and platinum miners closed 0.10% firmer. Banks however gave up 1.8%, financials eased 1.51% and industrials lost 0.86% on the day.
Gold was quoted at $1 247.17/oz from $1 232.01/oz at the JSE's previous close, while platinum was at $1 525.50/oz from $1 506.50/oz at the JSE's last close.
"We've ended in negative territory as a result of continued volatility over Europe's sovereign debt issues," a local equities trader said, adding that the market seems to react worse to bad news than to good news.
In the latest of a chain of events to hit European markets, Fitch Ratings on Tuesday described the UK's fiscal challenge as "formidable", according to Dow Jones Newswires.
Dow Jones Newswires reported that US stocks were flitting between small losses and gains Tuesday morning as investors weighed reassuring comments about the US economy from Federal Reserve Chairman Ben Bernanke against persistent worries about Europe's debt situation.
