ALAN FINLAY, Johannesburg | Thursday 4.50pm.
NEGATIVE sentiment continued to dog the JSE on Thursday, driving the markets down 0,87% or 69 points by close of play.
Analysts said local markets lack direction in the wake of a whipsawing Dow Jones, and that the big players are taking advantage of its vulnerability.
Resources plunged 2,97% or 148 points lower, while gold shares suffered a 1,86% or 22 points setback. Financials ended 0,56% or 55 points lower, while industrials notched up the only gains of the day, finishing 0,43% or 40 points up.
At 4.00pm gold was trading on international markets at $290,40 an ounce, some US80 cents down on the day.
Analysts said futures trading also pushed the market lower.
“We need a more definitive move from the Dow,” said George Glynos, an economist at Standard and Poor’s MMS, who added that nervousness is sweeping most international bourses.
By late afternoon the rand had strengthened marginally against international currencies and was trading at R6,39 to the dollar and R10,10 to the pound.
On Asian markets the Nikkei lost 1,41% or 281 points on the day, while the Hang-Seng also notched up losses, ending 1,28% or 228 points in the red.