Money SA economy
The JSE ended firmly in the red on Tuesday tracking negative global sentiment led by the Dow, amid fears about the pace of global growth.
The local bourse declined throughout the course of the day, accelerating on the opening bell on Wall Street. A local trader however, pointed to very thin volumes.
At its close, the JSE all share index had shed 2.17% with resources 3.09% down. Platinum miners shipped 2.95%, while gold miners declined 1.64%. Banks fell 0.65%, financials wavered 1.03% and industrials were 1.79% in negative territory. The rand was bid at R7.62 to the dollar, from R7.54 at the JSE's last close. Gold was quoted at $1 234.90 a troy ounce from at $1 247.59/oz at the JSE's previous close, while platinum was at $1 543.50/oz from $1 571.00/oz at the JSE's last close.
A local trader said that the JSE's losses accelerated at the US opening, having receded steadily throughout the course of the day.
"Volumes however, are similar to those seen at the opening of the World Cup," he said.
Dow Jones Newswires reported that fears about the pace of global growth hit financial markets hard on Tuesday, with stocks sliding and investors stampeding into the safety of the dollar and US government bonds.
Markets also were spooked by the prospect of a slowdown in China as a surprise revision to a leading indicator contributed to a sharp fall in Chinese equities. They were knocked even weaker by a dismal reading of US consumer confidence.
