Money SA economy
The JSE opened slightly weaker on Wednesday as market sentiment was dampened by lower global markets.
Resources giant BHP Billiton weighed on the local bourse, after it lost more than 1% at the opening bell on the JSE. By 9.15am local time the JSE all share index had lost 0.26%, with resources 0.49% lower and gold miners down 0.69%. However, platinum miners added 0.23%. Banks fell 0.31%, financials were down 0.19% and industrials declined 0.08%. Gold was quoted at $1 221.47/oz from $1 226.13/oz at the JSE's previous close, while platinum was at $1 540/oz from $1 544.50/oz before.
Mpho Mojalefa, trader at BJM Private Client Services, said the local market was down in line with the European stocks. "We have had a slow start today," Mojalefa said. He said BHP Billiton, which has a bigger weight on the JSE, also weighed on the overall market. Investors, Mojalefa said, were concerned that BHP Billiton may have to raise its offer for Potash Corporation of Saskatchewan, the world's largest fertiliser company.
Dow Jones Newswires reported that Asian stock markets were mixed on Wednesday as initial buying interest after Wall Street's gains on Tuesday faded as cautious investors took some cash off the table.
European stock markets opened lower with investors looking to consolidate the previous session's bumper gains as caution creeps back.
On the JSE, Anglo American added 68 cents to R276.30, but BHP Billiton lost R2.86 or 1.32% to R214.50 and Sasol shed R1.35 to R289.15.
