The JSE lost momentum in morning trade on Wednesday as investors looked to take profits.
The JSE had earlier shown impressive gains after moving in line with rallying Asian markets, which picked up on the positive sentiment after the United States presidential election.
By noon, the JSE’s all-share index was down 1,37%, weighed down by a 0,92% decline in resources.
However, platinum stocks added 2,03%, gold miners were up 1,64%. Banks were down 1,85%, financials lost 0,99% and industrials gave up 1,96%.
The rand was bid at 9,77 to the dollar from 9,85 when the JSE closed on Tuesday, while gold was last quoted at $753,70 a troy ounce from $742,15/oz at the JSE’s last close.
”Markets have recently seen positive results across the board, and these losses are normal,” an equities trader said.
”With the election behind us, markets are getting back to the actual issues out there,” the trader said.
”There have been some big moves on the markets and now we are seeing markets move back to levels were we will see some profit-taking,” added the trader.
Dow Jones Newswires reports that US stock futures are under pressure as investors judge recent market strength as overdone and president-elect Barrack Obama’s victory as having mostly been priced-in already. Front month S&P 500 futures trade down 1,5% at 987,80.
On the JSE, resources giant Anglo American was down R8,10, or 3,20%, to R245 and BHP Billiton lost R3,90, or 2,20%, to R173,10.
Sasol was up R7,25, or 2,57%, to R289,75.
Highveld Steel gained R3 or 4,62%, to R68 but Kumba Iron Ore gave up R3,97, or 2,88%, to R134,03.
ArcelorMittal was down 45 cents to R85,94. The group earlier posted record earnings for the September quarter with headline earnings per share soaring 256% to 846 cents from 237 cents for the same quarter the year before.
Among gold miners, AngloGold Ashanti was up R6,13, or 3,28%, to R193,13 and Goldfields came off 20 cents to R69,80.
Platinum miner Impala Platinum added R3,71, or 3,40%, to R112,71.
However Lonmin lost R7,53, or 3,96%, to R182,47 and Anglo Platinum was down R7,42, or 1,67%, to R437,48.
In other miners Exxaro rose R2,25, or 3,35%, to R69,50 but African Rainbow was down R3, or 2,59%, to R113 and Hulamin gave up 37 cents, or 2,18%, to R16,62.
Among industrials, brewer SABMiller was down 99 cents to R154, Imperial lost R1,50, or 2,68%, to R54,50 and Remgro came off R2,10, or 2,96%, to R68,90.
However Barloworld gained R1,24, or 2,11%, to R59,99.
Among bankers Standard Bank lost R2, or 2,52%, to R77,50, Nedbank gave up R3,45, or 3,61%, to R92, Absa was down R1,30, or 1,30%, to R98,80 and FirstRand shed 21 cents, or 1,47%, to R14,07.
Among telecommunications groups MTN Group was down R4,27, or 3,66%, to R112,45 and Telkom fell R1,90, or 1,63%, to R114,56. — I-Net Bridge