Stocks were sharply weaker at noon on Wednesday, led by miners on weakening metal prices, while renewed concerns over the United States economy added to selling pressures, traders said.
At midday, the all-share index was down 0,96%, weighed by a 2,72% drop the platinum-mining index. Resources fell 1,45% and the gold-mining index was down 0,81%.
Banks were down 0,14%, financials inched down 0,13% and industrials weakened 0,56%.
The rand was bid at 7,76 to the dollar from 7,69 when the JSE closed on Tuesday, while gold was quoted at $879 a troy ounce from $883,13/oz at the JSE’s last close.
Miners were in charge of the loser board on softening metal prices as the dollar strengthened and the oil price weakened, traders said.
“Commodities are under pressure this morning [Wednesday] because of the stronger dollar and oil; the weakening oil price is not helping the gold price either,” one trader said.
Generally, local investors remained wary about the health of the US economy, with some wondering if there was worse to come from the already hard-hit credit portfolios.
On the JSE, resource giant Anglo American was down R4 at R514,50 and BHP Billiton lost R3,75, or 1,29%, to R287,05.
Sasol retreated R12,65, or 2,66%, to R462,45 as Brent crude slid below the $125 per barrel level.
Gold miner AngloGold Ashanti lost 43 cents to R266,24, Gold Fields dipped R1,65, or 1,68%, to R96,35 and Harmony weakened 88 cents to R89,12.
Among platinum counters, Anglo Platinum was down R37,99, or 2,84%, to R1 302 and Impala Platinum tumbled R10,10, or 3,05%, to R320,90.
Industrial giant Barloworld was off R2,44, or 2,49%, to R95,56, Bidvest fell 81 cents to R107,19 and Imperial Holdings eased 76 cents, or 1,52%, to R49,29.
Among banks and financials Nedbank notched up 70 cents to R95,80, FirstRand dipped eight cents to R14,25 and Sanlam fell 29 cents, or 1,50%, to R19,01. — I-Net Bridge