The JSE remained firmly in the red by noon on Thursday as subprime concerns continued to plague investors.
At midday, the JSE all-share was off 3,26%. Resources lost 3,87%, the gold-mining index was 3,42% lower and the platinum-mining index fell 2,84%. Financials shed 3,26% and banks tumbled 4,10%, while industrials were down 2,56%.
The rand was bid at 7,48 to the United States dollar from 7,31 when the JSE closed on Wednesday, while gold was quoted at $663,70 a troy ounce from $668,55/oz at the JSE’s last close.
“The JSE is down almost 900 points and it’s not a pretty picture. World markets are dragging the JSE lower as old worries [on subprime issues] are still there,” said a local trader.
At 11.59am, Anglo American fell R16,40, or 4,10%, to R383,60, BHP Billiton lost 3,91%, or R7,30, to R179,50 and Exxaro pulled back R2,48, or 3,67%, to R65,03. Exxaro on Thursday reported headline earnings per share of 246 cents for the six months ended in June with an interim dividend of 60 cents per share being declared.
Sasol weakened R12,70, or 4,57%, to R265,30.
Among gold miners, AngloGold Ashanti retreated R7,15, or 2,66%, to 261,85, Goldfields shed 4,32%, or R4,70, to R104,20 and Harmony gave up R2,50, or 3,57%, to R67,50.
Anglo Platinum was R27,20 weaker, or 3,02%, at R873,80 and Lonmin retreated R14,80, or 3,27%, to R437,60.
Paper and pulp producer Sappi was off 4,74%, or R5,06, at R101,74.
Cement maker PPC fell 4,25%, or R1,71, to R38,50.
Support services group Bidvest lost R6,47, or R4,79%, to R128,51.
Among retailers, Massmart was off R3,44, or 4,21%, to R78,26, while Ellerine fell 5,24%, or R3,21, to R58,10.
Naspers-N gave up R3, or 1,90%, to R154,50, but Primedia had recovered 14 cents to R25,69.
Investec Ltd pulled back 4,42% or R3,49, to R75,51 and Investec Plc shed R3,14, or 3,97%, to R75,86.
Sun International pulled back R4,85, or 3,35%, to R140,10.
In the telecommunications sector, Telkom shed R6,20, or 3,76%, to R158,80 and MTN Group was 4,43% lower, or R4,31, at R92,89.
Banking group Nedbank lost 5,03%, or R6,75, to R127,55 and Absa dipped 4,66%, or R6,07, to R124,13. — I-Net Bridge