OWN CORRESPONDENT, Johannesburg | Monday 4.00pm.
THE JSE retraced early losses on Monday, after nervousness ahead of Tuesday’s US interest rates decision weighed on local sentiment.
The all-share finished 0,36% or 27 points up. Industrials closed 0,40% or 33 points in positive territory, while financials ended 0,35% or 32 points stronger.
Gold shares took the knock on the day, closing down 2,35% or 23 points.
By late afternoon gold was trading at $275,20 an ounce on international markets.
The all-share, which had added 47 points at one point, slipped into the red to be one point lower at 7464 in early trade.
The rand remained marginally steady against most major currencies and by 4pm was trading at R7,04 to the dollar and R10,65 to the pound.
Global jitters over the prospect of a 50 basis point hike in US interest rates were seen overshadowing any major positive local developments.
Dealers said the best the local market can hope for on Tuesday is a rise of 25 basis points in US rates instead of the widely expected 50 basis point increase.
“If the Fed just raises rates by 25 basis points tomorrow, this market will really fly,” said one local broker.
Information technology counters remained firmer after hefty Nasdaq-inspired gains on Friday, but the index was off early morning highs to be 2,10% up at 920.
The Hang-Seng finished 1,53% or 230 points down, while Tokyo’s Nikkei ended 0,25% or 44 points in the red.