Money SA economy
The JSE was lower at noon on Wednesday, tracking global markets and continuing to digest Tuesday's downbeat economic data in the US.
By 12.02pm local time the JSE all share index had lost 0.52%, with banks down 1.28%, financials declining 0.89%, and industrials falling 0.23%. Resources were 0.56% weaker, while platinum counters rose 0.27% and gold shares rallied 1.02%. Gold was quoted at $1 195.15/oz from $1 187.15/oz at the JSE's previous close, while platinum was at $1 588.00/oz from $1 591.00/oz before.
A trader said the local market weakened on the back of faltering global markets, especially US futures and European shares. He said local bank counters continued to slide.
Generally, share prices were fully priced, suggesting that they were prone to profit-taking and selling pressure, the trader said.
Velele Nkosi, trader at Legae Securities, said the local market was softer as it was still reacting to negative US economic data released on Tuesday - factory orders and home sales - reigniting fears of a sluggish US economy.
Dow Jones Newswires reported that Asian shares were mixed. The yen's rise to a fresh eight-month high against the US dollar hurt Japanese exporters' stocks, while overall confidence in markets was dented by renewed worries about the pace of the US economic recovery.
European stocks were weaker as confidence in the global economic recovery was dented and US earnings have started to disappoint. The FTSE 100 was last 1.14% lower.
On the JSE, Anglo American Plc lost R3.75 or 1.25% to R297.25, and BHP Billiton fell R2.99 or 1.28% to R231.45. But Sasol gained 30c to R290.30.
