Money SA economy
The JSE was soft at its opening on Tuesday amid some profit taking, while a local trader pointed to the 'soccer factor' for continued thin volumes.
By 9.25am the JSE all share index had lost 0.51%, with resources 0.65% worse off and platinum miners 1.09% weaker. Gold miners added 0.49%. Banks moved 0.53% lower, financials dropped 0.27% and industrials ticked 0.35% lower. Gold was quoted at $1 223.76/oz from $1 200.57/oz at the JSE's previous close, while platinum was at $1 554.50/oz from $1 559.50/oz at the JSE's last close.
"Markets in Asia are mixed, with China still closed, while we celebrate Youth Day tomorrow. Volume is likely to remain thin today with eyes on a futures closeout on Thursday," a trader says.
European stocks started weaker on Tuesday as investors get a chance to react to Moody's downgrade of Greece's credit rating to junk status, which happened after the European close Monday, according to Dow Jones Newswires.
On Wall Street, the rally in stocks evaporated in thin trading on Monday following the downgrade of Greece's debt rating.
In Asia regional markets were mixed with the Nikkei flat and the Hang Seng 0.21% softer. Chinese markets are closed for the three-day dragon-boat festival.
