The JSE was lower at noon on Friday as early indications pointing to a weak start on Wall Street pressed jittery investors to continue to slash risk amid global credit upheaval.
At midday, the all-share index was down 1,57%. Resources fell 2,33%, the gold-mining index was off 2% and the platinum-mining index tumbled 2,69%. Industrials gave up 0,78%, financials lost 1,43% and banks shed 1,88%.
The rand was bid at 7,47 to the United States dollar from 7,46 when the JSE closed on Thursday, while gold was quoted at $652,60 a troy ounce from $654,25/oz at the JSE’s last close.
“There was no way we could piece together any kind of recovery plan without solid facts about how big the credit problem is,” said Tumi Mosothoane, a trader at Noah Financial Services.
He added that modest gains achieved during the mid-morning session were erased by early indications from the US futures market that Wall Street was headed for a weaker start.
“We need much more than the rand to see buyers in the market during these market conditions,” Mosothoane said.
On the resource index, Anglo American was down 2,87%, or R10,65, to R359,90 and BHP Billiton gave up 1,82%, or R3,21, to R172,89.
Petrochemicals giant Sasol gave up 1,97%, or R5,22, to R259,75.
Among gold counters, AngloGold Ashanti (gained R1,82 to R265,31 but Gold Fields slumped 4,24%, or R4,48, to R101,27 and Harmony shed 1,87%, or R1,24, to R65,07.
Platinum miner Anglo Platinum recovered R1,50 to R870,50 but Impala Platinum dropped 4,42%, or R8, to R173.
On the industrial front, London-listed brewer SABMiller was collected R1,20 to R175,90, luxury goods group Richemont was up 32 cents to R42,70 but investment group Remgro was down 1,14%, or R1,98, to R172,02.
Banking group Standard Bank gave up 1,20%, or R1,14, to R93,66, Nedbank fell 3,28%, or R4,30, to R126,70, Absa dipped 1,90%, or R2,35, to R121,63 and FirstRand was off 1,58%, or 34 cents, to R21,21. — I-Net Bridge