Money SA economy
The JSE was awash in red on Wednesday led by BHP Billiton, which declined 3.3% amid speculation that it may raise its offer for Potash Corporation of Saskatchewan (PotashCorp), while banks gave up 2.45% amid outlook uncertainty.
At its close the JSE all share index had fallen 1.42%, with resources moving down 1.58% while gold miners shed 1.14%. Platinum miners declined 0.84%, banks fell 2.45%, financials were 1.65% lower and industrials lost 1.17%. Gold was quoted at $1,221.49/oz from $1,226.13/oz at the JSE's previous close, while platinum was at $1,527.50/oz from $1,544.50/oz before.
A local dealer said: "Billiton is still under pressure amid talk that it has gone hostile and may approach Potash's shareholders to raise its offer for the group."
One other trader noted that banks were under pressure, particularly Standard Bank, as results in recent times pointed to outlook uncertainty and a growing concern about the pace of the local economic recovery.
Dow Jones Newswires reported that US stocks slipped into the red as investors took a breather from Tuesday's strong rally, reacting tepidly to the last trickle of second-quarter earnings and developments on the deals front.
Asian stocks ended mixed Wednesday as some investors stayed on the sidelines amid a lack of trading cues.
