The JSE remained broadly lower at noon on Friday led down by gold miners after a slide in the bullion price, while an overnight slump in United States markets continued to weigh on the local bourse.
At 12.01pm, the all-share index was down 2,35%. Resources fell 2,24%, the gold- and platinum-mining indices gave up 3,59% and 3,03% respectively. Industrials shed 2,24%, financials lost 2,77% and banks weakened 3,79%.
The rand was bid at 7,32 to the US dollar from 7,20 when the JSE closed on Thursday, while gold was quoted at $655,20 a troy ounce from $668,35 at the JSE’s last close.
“Gold miners are under pressure due to a sliding gold price,” a Johannesburg-based dealer said.
He added that gold was pressured by a stronger dollar and rising bond yields in the US.
After the US bond yields breached the 5% mark overnight, investors feared that the world might have to deal with a global inflation problem, traders said.
Gold miner Gold Fields was the worst hit among gold counters, falling 4,03%, or R4,75, to R113. AngloGold Ashanti was down 2,42%, or R7,21, to R290,29 and Harmony tumbled 3,43%, or R3,50, to R98,50.
On the resources index, Anglo American eased 1,67%, or R6,99, to R411,87 and BHP Billiton shed 1,75%, or R3,20, to R180,05.
Synthetic fuels producer Sasol tumbled 2,29%, or R5,74, to R245,01 and paper maker Sappi dropped 3,50%, or R4,39, to R121,11.
Platinum miner Anglo Platinum slid 3,01%, or R36, to R1Â 162 and Impala Platinum slipped 3,42%, or R8,01, to R226.
Banks were also among the worst casualties on the bad global inflation outlook with Standard Bank falling 4,17%, or R4,38, to R100,62. FirstRand weakened 3,43%, or 79 cents, to R22,21, Absa fell 3,27%, or R4,45, to R131,80 and Nedbank was 3,83%, or R5,50, weaker at R138.
Among industrials, brewer SABMiller eased 1,48%, or R2,50, to R166,92, services group Bidvest was down 1,25%, or R1,75, to R138,25 and brands management group Barloworld tumbled 2,10%, or R4,17, to R194,33.
Media group Naspers dropped 3,75%, or R7,03, to R180,52 and Johncom eased 80 cents to R103,20. — I-Net Bridge