Money SA economy
The JSE tracked higher at its opening on Monday on bargain hunting following the G-2O summit, but lost momentum amid fears of a double dip recession in Europe, UK and US, a local trader said.
At 9.36am local time the JSE all share index had shed 0.06%, resources were flat at 0.01%. Platinum miners were down 0.01%, while gold miners added 0.19%. Banks gained 0.12%, financials were flat 0.01% firmer with industrials 0.08% in negative territory. Gold was quoted at $1 253.75/oz from at $1 243.57/oz at the JSE's previous close, while platinum was at $1 583.50/oz from $1 564.50/oz at the JSE's last close.
"We opened reasonably firmer but turned negative in line with the Asian markets. The G-2O summit in Canada was on the whole positive but fears of a double dip recession in Europe, UK and US are weighing on the investor sentiment this morning.
Globally, in Asia on Monday were mixed in cautious trade as investors considered the lacklustre session on Wall Street on Friday and the communiqu from the G-20 nations over the weekend, according to Dow Jones Newswires.
European stock markets were mixed in early session, with the weekend's Group of 20 communiqu optimistic about debt reduction, despite ongoing worries about global growth following recent downbeat economic data.
Leaders of the G-20 nations focused on containing budgets and debt levels, while pledging to stick to the 2012 timetable to implement tougher capital and liquidity standards for banks.
