The JSE had sunk into the red by noon on Wednesday as investors around the world took profits and markets consolidated after the recent big moves.
By noon, the JSE all-share index had given up 0,84% with resources losing 0,82% and platinum counters falling 0,53%. However, gold miners collected 3,87%.
Banks weakened 0,72%, financials were flat (down 0,08%) and industrials lost 1,21%.
The rand was last bid at 9,34 to the dollar, from 9,31 when the JSE closed on Tuesday, while gold was last quoted at $863,87 a troy ounce from $848,65/oz at the JSE’s last close.
Platinum was at $986,50/oz from its previous close of $964,50/oz.
“It’s really not surprising that we are down at the moment. We have had some very big moves,” an equities trader said.
“Shares have been over done in the short term. There is profit-taking and markets are consolidating.
“Metals have moved a long way and we could see them come off a bit more,” he said.
“The worldwide rally seems to have run out of steam. Dow futures are down at the moment and it wouldn’t be surprising if we close lower as well,” he added.
Dow Jones Newswires reports that London stocks moved lower as investors consolidated gains from the recent run.
The FTSE was last down 1,32%.
US stocks are expected to fall at the open, caught in the downward momentum of lower trading in Europe. Martin Slaney, trader at GFT Global Markets, calls the DJIA to open down 86 points and the S&P 500 down 8.4 points.
On The JSE, resource giant Anglo American gave up R2,55, or 1,04%, to R243,45 and BHP Billiton weakened R3,21, or 1,64%, to R192,79.
Petrochemicals giant Sasol lost R9,78, or 3,01%, to R315,22.
Paper group Sappi was up R2,06, or 4,90%, to R44,06 and Mondi collected 82 cents, or 2,40%, to R35,02.
ArcelorMittal shed R7,08, or 6,81%, to R96,92 and Kumba Iron Ore lost R3,75, or 2,17%, to R169, but Highveld Steel was up 97 cents, or 1,49%, to R65,97.
Gold miner AngloGold Ashanti firmed R5,84, or 2,35%, to R254,29, Gold Fields was up R5,42, or 6,12%, to R93,97 and Harmony added R4, or 4,16%, to R100,06.
Platinum miner Anglo Platinum weakened R7,99, or 1,38%, to R572,01, but Lonmin was up R1,90, or 1,21%, to R158,49.
Impala Platinum was off 72 cents to R148,28. The group advised earlier that discussions related to its planned acquisition of the entire issued share capital of Northam Platinum and Mvelaphanda Resources were continuing.
In diversified miners African Rainbow gave up R2,25, or 1,76%, to R125,25 and Exxaro lost R1,55, or 2,02%, to R75,24.
Elsewhere on the JSE, brewer SABMiller weakened 22 cents to R163,10, Barloworld was off 56 cents, or 1,22%, to R45,39, Bidvest lost R2,60, or 2,42%, to R104,90 and Imperial gave up R1,20, or 1,90%, to R61,80.
However, British American Tobacco rose R3,31, or 1,35%, to R248,50.
Among banks, Nedbank was down R1, or 1%, to R99 and FirstRand weakened 30 cents, or 1,80%, to R16,34.
Retailer Pick n Pay lost 77 cents, or 2,05%, to R36,72, Massmart shed R1,01, or 1,15%, to R86,60 and Steinhoff was down 31 cents, or 2,38%, to R12,69.
However, Lewis collected R1,60, or 3,31%, to R50.
Group Five fell 81 cents, or 2,14%, to R37 and Murray & Roberts shed R3, or 5,66%, to R50.
Among telecommunications groups, MTN Group was off R4,30, or 3,68%, to R112,70 and Telkom weakened R2,89, or 2,50%, to R112,61.