JSE down at noon

Stocks were 454 points weaker by noon, led lower by resources and precious metal stocks amid profit taking and consolidation after the market's recent big runs.

At 12.01pm the JSE all share index had lost 1.74%. Resources shed 2.19%, and platinum and gold producers declined 1.05% and 2.27% respectively. Banks gave up 1.76%, financials were down 1.23% and industrials weakened 1.49%

"We have been overdone, the market has had a very big run and it's been overdue that we see profit taking," a trader said. “There are still economic indicators out, especially in the US, but I think all that has already been discounted and there is a feeling that things have run very hard.

"There is foreign selling in our market. The selling is fairly broad based. The gold shares are under pressure despite a steady price.”

Dow Jones Newswire reported that the FTSE 100 was firmly in the red on Tuesday, with risk aversion showing its face again, petering out overnight as Asian equities fell, noted Lloyds Banking Group.

Back in Johannesburg, Anglo American Plc lost R6.48, or 2.21%, to R286.52 and BHP Billiton shed R6.81, or 3.15%, to R209.30.

Petrochemicals group Sasol declined R1.15 to R292.35.