Resources pull JSE back into the red

The JSE slipped into the red dragged down by selling in resources and financial stocks.

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The JSE slipped into the red on Thursday afternoon, dragged down by selling in resources and financial stocks.

A local trader said the market had adopted a cautious approach ahead of the bond auction in France, following the higher-than-expected increase in yields in Spain on Wednesday.

“We are seeing a slight pull out of equities globally, on concerns that France's yields could also come in higher than expected”.

At 12:07 local time, the JSE all-share index gave up 0.50% to 33,236.21 points. Resources lost 0.59% while platinums traded flat at 0.07% and gold miners gained 0.68%.

Banks were down 0.85%, financials shed 0.61% and industrials traded 0.42% lower.

The rand was trading at 7.85 to the US dollar, from 7.68 at the JSE's close on Wednesday. Gold was quoted at US$1,621.95 a troy ounce from US$1,613.71/oz at the JSE's previous close, while platinum was at $1,594/oz, from $1,599/oz from the previous session.

European markets were also in the red, with London's FTSE 100 down 0.69% to 5,664.57 points at noon local time.

Dow Jones Newswires reported that Euro Stoxx 50 were down 0.5% at 2,386.84, paring gains as the mild early rebound started to fade and eurozone fears continued to persist.

Deutsche Bank said that after Wednesday's rate announcement and press conference, the ECB continued to see Europe's problem as largely fiscal and their involvement as temporary to help facilitate the adjustment.

“Unfortunately, we think they are going to need to play a bigger and more permanent part in any long-term easing of the euro sovereign crisis,” it added.

On the JSE, Anglo American (AGL) was down R2.57 to R279.81, BHP Billiton (BIL) shed 92 cents to R230.78, and Sasol (SOL) fell by R6.85 or 1.86% to R362.15.

Gold Fields (GFI) gained R1.32 or 1.31% to R102.05 and AngloGold Ashanti (ANG) was up R1.16 to R270.66.

In platinums, Impala Platinum (IMP) added R1.25 to R148.25, while Anglo American Platinum (AMS) gave up R7.50 or 1.43% to R515.50.

Among other miners, ArcelorMittal SA (ACL) lost 64 cents, or 1.18%, to R55.00 and Exxaro (EXX) fell 49 cents to R204.01.

In industrials, British American Tobacco (BTI) was just about flat at R393.60, Naspers (NPN) gave up R3.33 to R442.67 and Bidvest (BVT) was down R3.34 or 1.84% to R178.00.

MTN Group (MTN) was up R1.42, or 1.11%, to R128.97, while Vodacom (VOD) lost 64 cents to R106.56.

In the banks, Absa (ASA) gave up R2.14 or 1.38% to R152.84, while Nedbank gained R2.78 or 1.75% to R161.90. - I-Net Bridge

Source: http://www.iol.co.za/resources-pull-jse-back-into-the-red-1.1271319

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